Wainscott Residence With Views Of Pond And Ocean Sells For $10.5 Million

A 1.2-acre Wainscott property with a 7,300-square-foot residence that overlooks Wainscott Pond and has ocean views has sold for $10.5 million, according to The Real Estate Report Inc.

Built in 1992, the residence at 60 Beach Lane has eight bedrooms and 7.5 bathrooms. The two above-grade levels have a formal dining room, a library, an open kitchen, a dining room and a den. Both the living room and den have double-height ceilings. The finished basement offers a gym, wine cellar and laundry.

Also among the amenities are a heated gunite pool and spa.

Michael Schultz had the listing for Corcoran. Barbara L. Bornstein of Sotheby’s International Realty brought the buyer.

The last asking price was $12.75 million, meaning the property sold for a 17.6 percent discount. But back in 2018, the asking price was $16 million.

The seller was Gerald Lee Holdings LLC, named for the property’s late owner Gerald Lee Lennard, a legendary copper trader and founder of Gerald Metals. The buyer was Manim East Hampton II LLC. The sale closed on February 24, but did not appear in the deed transfers until this week.