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For many people, the answer to a question about a hamlet in the Town of Southampton with the initials WM would be “Water Mill.” But based on recent activity there, WM could stand for “What (a lot of) Money.” Just in the last couple of weeks there have been seven- and eight-figure deals.
Leading the way are two properties on Flying Point Road, which combined have sold to the same limited liability company using the street addresses. The residence at 1265 sold for $11,719,000, and its much smaller companion went for $1,281,000, which you arithmetic whizzes realize adds up to ... well, as we said, a lot of money. The modern beach house at 1265 is 3,500 square feet with 5 bedrooms and 3 baths. The interior of the Stelle Lomont Rouhani-designed structure has high-quality amenities, but probably the best features of the property are the 100 feet of bullheaded beachfront on the ocean and 55 feet frontage of Mecox Bay.
The seller of both properties is David Wassong. He is the managing director and co-head of private equity at Soros Fund Management. That position is impressive and worthy of note, but he got caught up in some unwelcome headlines when he bought what was then described as a “cabin” a few years ago for $7.9 million from Christie Brinkley, while she was in the midst of a bitter divorce from the architect Peter Cook. Well, now Mr. Wassong is rid of it, with millions in his pocket.
Also catching our eye in Water Mill is 131 Summerfield Lane, which was scooped up by Douglas and Wendi Adams for $6,995,000. And almost catching this couple money-wise are William and Melissa Gildin, who ponied up a nice, round $6,190,080 (really, $80 made a difference?) for 338 Edge of Woods Road in Water Mill.
Know what else WM stands for? “Why (not) Me?”
27east on Oct 20, 2017