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$29M Southampton Compound Now Listed As 'In Contract'

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Something must be in the post-Labor Day water out here. After Andrew Caro listed his Water Mill estate for $40M and 260 Jobs Lane closed for over $23M last week, today brings word of another pricey deal in the works. This 7.5-acre compound on Down East Lane in Southampton recently moved over to "In Contract." Asking price? A heady $29M.

Comprised of two parcels (after the current owner applied for a lot line modification), the listing offers "1000+/- ft. of bay frontage with southwest views of the ocean and the length of Heady Creek." There's a six-bedroom cape currently found in the middle of the property, but the brokerbabble is pretty clear that it won't be there for long. Each of the 3.75 acre plots boast a "large building envelope and room for accessory structures including pool, pool house and tennis pending approvals." Make way for the wrecking ball!

· Listing: Landmark Waterfront In Southampton Village Estate Section [Saunders]