Famed party pad the Diamond Ranch is up for auction on September 19th, according to Real LI. The ranch's owner, the late diamond exec Stanley Simon, was known to have a benefit or two on his 30-acre reserve and horse farm each summer, so many that his neighbors had filed a lawsuit preventing him from having further major fundraisers before his death several weeks back. The property is listed with Elliman for $3.999 million, but will be auctioned next week with bids starting at $2.045 million. A deal, no doubt, but it doesn't appear that an actual home can be built on the land. Per its listing: 'Additional structures and indoor arena can be built. The reserve offers multiple uses including recreational and agricultural. Several adjoining homes are on the market - ideal for a horse farm estate, vineyard, etc'. Bid accordingly.
· Diamond Ranch in Water Mill for Sale in Online Auction [Real LI]
· Listing: Water Mill [Elliman]