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After A $3M Chop, 555 Sagaponack Road Closes For $18M

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Roughly two months after shaving $2.95M from the original 2011 ask of $22.9M, the almost four-acre estate located at 555 Sagaponack Road has found a buyer and closed. The final purchase price of $18M is good enough to join the ranks of the biggest sales of the year (so far). The placement might be short-lived, however. We're still waiting for a few big contracts to close before the end of the year. When (and if?Hurricane Sandy may have stalled them) those transactions are finalized, this little number will be relegated to the still-impressive ranks of sales of under $20M for 2012.

So what's in store for the Peter Blake-designed modern currently found on the property? All signs point to...teardown. The listing notes that the parcel is big enough to create a "11,000 +/- sq. ft. custom estate home with pool and tennis." How else could one enjoy those "vast open water views and vivid sunsets" and 470' of frontage on Sagg Pond?
· Listing: The Ultimate Property [Saunders]
· Developer puts her $22.9M Sagaponack property on market [The Real Deal]