Hamptons Records Shattered with $115 Million Mansion Sale

The recent sale of a mansion in Amagansett has set a new record in Hamptons real estate, fetching an astonishing $115 million. This transaction marks the highest price ever paid for a single residential parcel in the region. The deal, which was finalized in late July 2023, remained under wraps until the deed transfer became public knowledge, as reported by Behind the Hedges.

The property spans 8.5 acres on the prestigious Further Lane, a location renowned as one of the most expensive streets in the United States. The secrecy surrounding the transaction hints at the involvement of high-profile individuals, with sources indicating that the new owner is Ukrainian-born billionaire Sir Len Blavatnik. The sales price translates to a remarkable $13.53 million per acre, which reflects the unique value of the expansive lot.

Background of the Property and Previous Ownership

Formerly owned by Terry Semel, the ex-chairman and CEO of Yahoo! Incorporated, the property was acquired by Semel in 2005 for $43 million. At that time, Semel purchased the land from Blackstone founder Stephen A. Schwarzman, paying over the asking price. The estate originally featured a rustic five-bedroom cottage, which has since been transformed into a guesthouse. The current main house, although its square footage remains undisclosed, is now the centerpiece of the property.

The future of the existing structures on the site is uncertain, as buyers in this price range often prefer to demolish existing buildings to make way for new constructions.

Details on the Buyer and Community Connections

Sir Len Blavatnik, identified by Behind the Hedges as the buyer through the LLC Brise Lointaine, holds both British and American citizenship and has received an English knighthood for his philanthropic efforts. With an estimated net worth of $29.1 billion, he is recognized as the 77th richest individual in the world, according to Forbes. Blavatnik’s business interests span various sectors, including ownership of Warner Music Group, and he has made significant investments in chemicals, energy, and technology. His early wealth is linked to the privatization of Russian resources following the Cold War.

Blavatnik and his wife, Emily Appelson, are no strangers to the Hamptons, as they maintain another residence on Further Lane and an oceanfront property on Bridgehampton’s Dune Road. Their new neighbours include prominent figures such as art dealer Larry Gagosian, television producer Lorne Michaels, and comedian Jerry Seinfeld.

This recent sale is notable as it represents the first transaction exceeding $100 million in the Hamptons in nearly two years. While larger combined parcels have sold for more, this landmark deal emphasizes the increasing demand for exclusive properties in the area. The previous record was held by a $105 million sale of a 42-acre estate in Watermill in 2021.

The Amagansett sale underscores the evolving landscape of luxury real estate in the Hamptons, showcasing both the allure and financial stakes of high-end properties in this sought-after enclave.