Further Lane Oceanfront Sells for $40 Million, a $29 Million Discount

So this is the biggest single sale so far this year: six acres by the ocean on Further Lane, with an enormous Francis Fleetwood house on it. (Remember, Villa Maria sold in two parcels: one buyer purchased the house and 11 acres for $36 million, and another purchased the remaining four acres for about $13 million.) The listing agents were Frank Newbold at Sotheby’s and Ed Petrie at Compass; according to the Wall Street Journal, the buyers were repped by Bespoke Real Estate’s Cody and Zach Vichinsky. (Who also sold Villa Maria. These guys are doing well.)

The house, which belonged to a Goldman Sachs partner who died in 2015, was put on the market in 2016 asking $69 million. (We’re honestly not sure if this truly counts as oceanfront, since the Nature Conservancy owns the land between this property and the water. Of course, there are no houses or roads between this property and the water, so it’s sort of oceanfront.)

Back in 2016, we had some doubts about the price, given the dated nature of the 1995 house. Sure, it’s pleasant enough, but big-pocketed buyers tend not to want traditional type homes any more. (Wondering if the house is going to be bulldozed…) Still, six acres of land is a pretty nice spread.

Anyway, the price was duly cut over time; last ask was $49 million and the actual sales price is supposed to be $40 million, which considering some mega deals in the past few years, leaves scope for a new modern home to be built.

The existing place is 10,000 square feet. What is nice about it is all the exterior places to relax: 2,400 square feet of covered porches and porticos, a roof deck, and a pretty glassed-in pergola by the pool. We also like the indoor spa room with a hot tub and endless current pool. In all, there are seven bedrooms and 9.5 baths, including a master with spectacular views and his-and-hers baths.

Congrats to the new owners!

For more, click here. 290 Further Lane, East Hampton