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Hamptons Home Up for Foreclosure That May Set Record for Area

MAY 12, 2014 3:52pm ET
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A home in New York’s Hamptons on Further Lane, where comedian Jerry Seinfeld and hedge-fund manager Steven A. Cohen own estates, is up for auction in what will be one of the area’s biggest foreclosure sales.

More than $10.5 million is owed on the 1.8-acre property at 80 Further Lane in East Hampton, according to Daniel Murphy, the Riverhead, N.Y.-based attorney who is scheduled to conduct the sale on June 10.

The home is near a mansion that recently sold for $147 million, a record price for a U.S. residence, according to the New York Post. At $10.5 million, 80 Further Lane would be the most expensive residential foreclosure ever in the Hamptons, said Kristopher Pilles, a broker at East End Luxury Ltd. who specializes in distressed real estate in the area.

“To think that a house on Further Lane is being foreclosed on—it’s the most beautiful, coveted street in the Hamptons, period,” said Pilles, who is based in Riverhead.

Previous foreclosures in the Hamptons have been for less than $5 million, according to Pilles. He said he has clients who may bid on the property, including hedge funds. Offers may start lower than the amount owed.

The 8,100-square-foot home was built in 2000 and has eight bedrooms and five full bathrooms, according to the East Hampton assessor’s office. It features eight fireplaces and a 1,300-square-foot pool.

“I’m pretty sure this property will sell in a heartbeat,” Pilles said. “There will be multiple bidders lined up.”

Home sales in the Hamptons surged in the first quarter as stock-market gains and higher Wall Street bonuses fueled demand for luxury properties. Transactions soared 52% from a year earlier, while the median price increased 19% to $880,000, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.

The New York Post reported last week that Barry Rosenstein, founder of hedge fund Jana Partners LLC, purchased the 18-acre estate at 60 Further Lane for $147 million. That price would break the U.S. single-family record of $120 million set last month with the sale of Copper Beech Farm, a mansion on 51 waterfront acres in Greenwich, Conn.

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