Hamptons Online reports that billionaire dune-killer Ron Baron may have made a 'shrewd' investment deal when he purchased 40 acres on Further Lane for $103 million. Nevermind that he bought in 2007, at the height of the market, because Baron is poised to make a hefty sum if his parceling all goes according to plan. The investor has built himself a home on the western third of the property, but now hopes to divide the remaining land into two oceanfront parcels with adjacent lots for guesthomes. The street-to-ocean developed properties could fetch upwards of $42 million each according to a local broker, using a 10 acre parcel as a model. Without knowing specifics, it's clear that the two lots are the last large, buildable oceanfront parcels on Further Lane, an epic selling point in its own right. Baron's investment, despite it's dune-induced controversy, should tantalize brokers for years.
· Pending Subdivision Could Prove Record Setting Land Deal A Shrewd Investment [Hamptons Online via HREB]
· CourtHampton: Town and Baron Agree on Further Lane Walls [CH]