After failed attempts in 2007 and 2010, the Japanese-born architect and sculptor Setsuo Ito is once again placing his 12,000-sq-ft "zen-influenced" home in Water Mill back on the market. The 9-acre property, which is affectionately called the "Island in the Sky" because of its position at the highest point in the Hamptons, will be auctioned off at the end of the month.
The decision to sell was sparked, in part, by the March 11 tsunami, which destroyed Ito's home in Japan. He'll be donating 10% of the proceeds of the sale of his Water Mill property to support humanitarian relief efforts there.
The auction will take place on June 26th and bidders will have to provide a $50,000 cashiers check to participate (no reserve price has been set just yet).