On Southampton’s tony Meadow Lane, an estate spanning more than eight oceanfront acres has sold for $70 million in one of the biggest Hamptons deals this year.
The sale of the waterfront property, with roughly 500 feet of frontage on the beach, closed this week, said listing agent Tim Davis of the Corcoran Group.
The house has ocean views.
PHOTO: CORCORAN
The estate hit the market asking $75 million in June. The seller was a limited liability company tied to the Carter family, records show. Julia Vance Carter, a lawyer, died in 2014 and was survived by three children. The property had been in the family for decades.
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The main house, built around 1929, is approximately 20,000 square feet with 15 bedrooms and a separate staff wing, Mr. Davis said. The property is one of the largest and most significant on Meadow Lane to come on the market in recent years, he said. “The house sits on a dune,” he added, and couldn’t be rebuilt today.
Mr. Davis declined to identify the buyer, but said plans call for a major renovation that could cost north of $25 million.
Sales activity in the Hamptons surged during Covid, and limited inventory has pushed prices higher, according to research and appraisal firm Miller Samuel. Average luxury prices in the Hamptons rose 20.6% during the third quarter compared with the same period in 2020. The number of luxury sales dropped 34.4% from the prior-year-quarter as inventory plunged 41.5%.
An aerial view of the property.
PHOTO: CORCORAN