Inside a $150 million Hamptons summer home for sale

An oceanfront property in Southampton, listed at $150 million, stands as the most expensive home for sale in the Hamptons — and is struggling to move off the market.

The complex, called La Dune, is likely to be used as a summer home and draws from a small pool of buyers, likely billionaires, who can afford to foot the bill. Even in the Hamptons, $100 million-plus sales are few and far between.

La Dune, named for the sand dune it sits behind, spans approximately four acres, across two adjoining lots with two homes, two swimming pools and a sunken tennis court.

Finding a buyer for the sprawling property, which includes a classic Hamptons-style main residence originally built more than 100 years ago, and a second home on the adjacent lot, built in the early 2000s, has not been easy. the number.

“This house is the farthest from a demolition, but if the house wasn’t here, this lot alone, every single one of them would be worth $50 million,” listing agent Shawn Elliott of Nest Seekers told CNBC.

And Elliott promises La Dune’s prize isn’t just designed to grab headlines.

“I think this is, 100%, a very realistic price point to attract buyers in this marketplace,” said Elliott, who is listing the home with Geoff Gifkins.

The property sits on 400-plus feet of super-prime beachfront along Gin Lane, sometimes referred to as “Billionaire Beach.” It is one of the most exclusive strips of white sand in the world.

“In real estate, we always know it’s location, location, location, it’s not a cliché,” Elliot said. “You really are on the 50 yard line of nothing but wealth.”

Back in 2016, La Dune’s owner, art magazine publisher and collector Louise Blouin, put the property on the market with Sotheby’s International at an asking price of $140 million. At that time there were no takers.

Over the years, the home has been listed as a summer rental. This year, a one-month stay will set you back $1.2 million.

Since 2016, the home has been on and off the market, with Blouin reportedly facing a potential foreclosure and bankruptcy court case to maintain control of the property.

She relisted La Dune in August with a new brokerage and raised the asking price to $150 million.

If the team at Nest Seekers comes close to what their client wants for the facility, it will break a record in the Hamptons.

According to public records analyzed by Jonathan Miller, president of real estate appraisal and consulting firm Miller Samuel, only five compounds have ever sold for more than $100 million in the Hamptons.

The all-time record is still held by the 2014 sale of three separate but contiguous lots spanning 16 acres located at 60-64 Further Lane in East Hampton that traded for $137 million.

The last two 9-figure deals, according to public records, were both in Water Mill, a village also in the town of Southampton about two miles east of La Dune.

First came the mega sale of a 42-acre, 20,000-square-foot oceanfront property known as Fordune, located at 90 Jule Pond Drive. The former Ford family estate was originally listed for $175 million in 2017 and sat on the market for nearly four years before selling for $105 million in 2021, a 40% discount but still a record for single-family properties in the Hamptons.

In 2022, an even larger sale overshadowed the quiet off-market purchase of 70 Cobb Road, listed at $118 million. The area, located on a stream, not the ocean, consisted of four contiguous lots spanning approximately 21 acres. The sale included two homes that together delivered more than 32,000 square meters of living space. The mega-deal remains the Hamptons’ second-highest sale of all time.

Here’s a closer look at the latest facility vying for a spot among the short list of vacation homes that have sold for over $100 million:

The La Dune complex spans four acres with 21,000 square feet of living space across two homes, according to the listing.

The four-story main residence, located at 366 Gin Lane, is more than 11,000 square feet.

The three-story second home at 376 Gin Lane, which owner Blouin refers to as the “family home,” is more than 9,600 square feet.

The pair of mansions includes a total of 19 bedrooms and 16 bathrooms.

The lowest level of the so-called family residence includes a gym, steam room, bar, billiards room and home cinema.

There are several kitchens on the property including a large staff kitchen for catering events on the first floor of the main house. There is also a more modest family kitchen, one floor above that.

Blouin told CNBC that she is selling her home in the Hamptons in part because she and her children spend most of their time in Europe — not in Southampton.

According to public records, property taxes on both lots that make up the La Dune compound total nearly $130,000 per year.