A Hamptons property that once listed for $150 million earlier than falling into chapter 11 was offered at auction Wednesday for $88.5 million.
The four-acre property in Southampton, New York, generally known as La Dune, was offered by Concierge Auctions at a beginning bid of $66 million. The property was offered in two components — one home offered for $40.5 million and the opposite for $38.5 million. The purchaser premium brings the entire sale to $88.5 million.
The property, once the most costly itemizing the Hamptons and famed for an look within the Woody Allen movie “Interiors,” had been on and off the market since 2016. It was most lately listed in 2022 at $150 million.
Last yr, the 2 properties on the compound had been put into Chapter 11 chapter after a foreclosures judgement.
The Atlantic Ocean provides a shocking backdrop for a pair of mansions for sale on Gin Lane in Southampton.
Liam Gifkins
The earlier proprietor, Louise Blouin, bought the property within the Nineties for $13.5 million. She spent hundreds of thousands constructing a second mansion on the property in 2001, including to the prevailing mansion, which was constructed within the Eighteen Nineties.
The compound consists of 23 bedrooms, two swimming pools, a sunken tennis court docket, a house theater, spa, sauna and two gyms. Located on coveted Gin Lane, the property has 400 ft of oceanfront and plush landscaping.
Blouin, a Canadian artwork journal writer, owned Art+Auction, Gallery Guide, Modern Painters and different publications earlier than the enterprise began to falter. The loans on the La Dune property reached $40 million, in accordance with media studies, and the property was positioned into Chapter 11 chapter final yr to keep away from a foreclosures auction.
The pair of beachfront houses with two swimming pools and a tennis court docket within the foreground of the picture are the La Dune property.
Liam Gifkins
Real property gross sales slowed within the Hamptons final yr, largely because of an absence of stock, in accordance with business analysts. Yet costs and demand at the excessive finish of the market stay sturdy.
Two properties offered within the Hamptons final yr for over $50 million every, together with a 6.7-acre compound in East Hampton that went for $91.5 million, extra than double its sale value three years earlier.
La Dune is among the many most costly houses offered at auction. In 2022, Concierge offered an property within the Los Angeles space at auction for $141 million.
Concierge auctioned La Dune in partnership with Harald Grant of Sotheby’s International Realty, Tim Davis of The Corcoran Group, and Cody Vichinsky, president and founding accomplice of Bespoke Real Estate.
The sale is pending approval from the chapter court docket.
