The most expensive sale in the year thus far–in fact, the largest sale on record in the Hamptons since 2016–has closed, marking an important moment for the East End real estate market in 2020. The property at 26 Windmill Lane, East Hampton, was listed for $55 million. The 6.7-acre oceanfront estate was built for Union Pacific Former President and later Chairman of the Board, James Evans. The railroad man and philanthropist built the compound in 1989 and his family inherited it after his death in 2015.
The estate, co-exclusively represented by Paul Brennan and Martha Gundersen of Douglas Elliman, and Valerie Smith and Frank Newbold of Sotheby’s, comprises two parcels–including one with a 5,500-square-foot, five-bedroom, six-bath main house on designed by architects Zwirko & Ortmann, which is sited on 5.4 acres, and a separate nearly 1.3-acre parcel with a four-bedroom, two-and-a-half-bath guest house with pool.
Walls of windows and outdoor living spaces offer 180-degree ocean views at the compound, which offers the unique possibility for easy expansion and development without going through the variance process. Options include adding a north-south-facing tennis court and a 60-foot-long ocean side pool. Zoning also allows for an approximately 12,500-square-foot new house with a full finished lower level to be built on the primary lot, and a new, approximately 6,000-square-foot cottage with a full finished lower level to be built on the secondary lot.
“This sale represents not only the largest transaction of 2020, it also indicates a healthy Hamptons real estate market during these times of uncertainty,” Brennan says. “We look forward to participating in a vibrant and busy market in the second half of this year.” Gary DePersia of Corcoran brought the buyer.