Twin Peaks At Olde Towne Sells For $34.5 Million, An In-land Record

Twin Peaks, a 20,000-square-foot residence on 4 acres in the Olde Towne development, recently sold for $34.5 million, the most ever paid for a nonwaterfront residence in the Hamptons.

Kean Development, the Cold Spring Harbor company developing the 47-acre Olde Town subdivision, says this is the fourth time its president and CEO, John Kean, has sold the most expensive in-land property in Southampton. The last asking price for Twin Peaks was $39.5 million, though it was first listed in 2015 for $45 million.

The gated estate comes with a cottage, a pool and pool house, and a Deco turf tennis court in addition to the three-level main house with a rooftop putting green. In all, the estate has 10 bedrooms, 14 full bathrooms and three half-baths.

The main house, decorated by Tony Ingrao of Ingrao Inc., has 15,500 square feet of living space above grade, including a 26-foot foyer, two master suites and six more en-suite bedrooms. There is both a professional chef’s kitchen and a traditional kitchen, a great room, a breakfast room, a media room, a library and a loggia. On the lower level, find a theater, a gym, and a two-lane bowling alley and lounge with a full bar and billiards.

Three staircases and an elevator connect the levels, and there are eight fireplaces throughout.

And then there’s the cottage with a full kitchen, a living/dining room and two en-suite bedrooms. The pool house has a great room, a lounge, a kitchenette, two full bathrooms and changing rooms.

The negative-edge pool is 60 feet by 34 feet and has a spa, and the grounds also feature a sunken fire pit.

Of the 10 parcels at Olde Towne, three remain available. On lot 2, Kean Development has broken ground for “The Gables,” expected to be complete in 2022.

Developer Bob Gianos purchased the former farm field that would become Olde Towne for $33.5 million in 2006. After receiving Planning Board approval for a subdivision, he had 440 mature trees installed at a cost of $7.5 million to line the streets. He also had the utilities buried and, working with the town’s Community Preservation Fund, purchased and razed an old medical building across the street and turned it into a public park.

Kean Development bought the subdivision in 2013, took over the project and proceeded to develop lots on spec.

In 2017, Tower House at 7 Olde Towne Lane fetched $26 million, discounted from a list price of $29.9 million. Then in 2019, Summer House at 6 Olde Towne Lane sold for $27 million after seeking $34.95 million.

Before Tower House, the most recent record holder for the most-expensive in-land sale in the Hamptons was 55 Coopers Neck Lane in Southampton Village, which sold for $33.7 million in December 2020. That 4.4-acre property includes both a 21,000-square-foot main house — inclusive of the living space on the lower level — and a 6,000-square-foot “guest house.”