| Issue #31, October 27, 2006 |
Real Estates by Diane Strecker
In Sag Harbor this weekend there may or may not be some real real estate excitement. The sisters Morpurgo of Sag Harbor, Helga and Annselm, will have their controversial property back on the auction block. The historical home, circa 1763, has been part to legal family feud for many years now. Each of the women owns a 37.5% interest in the historical site, the remaining 25% by the Sag Harbor Arts Center. In May of last year an auction was held that started at $1.5 million. Sadly, it drew no bidders. This time there is said to be a little more interest surrounding the auction which will take place Friday, October 27th on the steps of the Sag Harbor municipal building. At one time, the funds from the Town and Friends of the John Jermain Library in Sag Harbor hoped to purchase the property for expansion but that sale never came to fruition. This week, the bidding will start at a reduced $1.1 million. Reportedly, Annselm Murpurgo has already turned down a bid of $1.2 million is hopes of larger numbers and a healthy showing at the auction. Although the property’s historical value and prime Sag Harbor Village location is highly sought after, the deteriorating condition of the home bears much weight in regard to it’s true worth. We can only wait and see.
Another property owner in the area will also be letting go some of his assets. Peter Cook, who owns multiple Hamptons properties with his soon to be ex-wife Christy Brinkley, is now said to be living in a Noyac condo awaiting the outcome and sale of the couple’s joint holdings. Mr. Cook and Ms. Brinkley own an impressive portfolio here in the Hamptons that includes a 20-acre compound in Bridgehampton, valued at $26 million. They also own a beautiful newly-constructed hideaway in North Haven which they have never inhabited together that is said to be worth $15 million. The couple built the estate on five acres in the secluded hamlet two years ago and shortly after put it on the summer rental market. They also own a beach cottage in Water Mill in common that was recently on the market for close to $8 million. Their combined Hamptons holdings near the $50 million mark.
There is not all that much in the range of between $25 and $30 million to compete with the couples Bridgehampton property but there is quite a bit for sale at just about the $25 million range. There is an oceanfront estate in Sagaponack listed at $25 million on almost three acres. This estate’s main house is 10,000 sq. ft. and offers a pool, poolhouse and expansive ocean views. At $24 million on Lily Pond Lane is the estate Normandie on almost three oceanfront acres that includes a poolhouse and a two-bedroom guesthouse. For about $22 million, one could buy new-construction on 4 acres of Sagaponack farmland, near the beach. This buys you 8500 sq. ft. of that includes 8 bedrooms and 9 baths. There is an oversized heated pool, tennis court, gaming pavilion, gym, wine cellar, sauna, and billiard room.
There is an estate on Further Lane, in East Hampton, for just over $30 million. A street address such as this one sits among the upper-echelon of East End addresses and keeps ranks with streets such as Gin Lane in Southampton. These streets are home to some of the most valuable real estate in the country. And, when a property moves over the 30 million mark it shifts to an entirely different plane. The Further Lane Estate is historic oceanfront. The circa 1770 home was moved from Sag Harbor to the almost two-acre site in the 1940s. There is also a barn studio residence on the grounds. Once again proving that the old adage unfailingly rings true; when it comes to real estate it is all about location, location, location.
You can reach Diane at eastendrealest@yahoo.com.
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