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Sagaponack Seven-Bedroom To Go On The Auction Block

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[Photo credit: Todd Nagy and Google Maps]

According to a recent article on 27 East (subscription required), the megamanse located at 219 Sagg Main Road in Sagaponack?"America's Most Expensive Small Town"...although it's a village?is currently in foreclosure and is about to go up for auction.

On August 27th, interested parties can bid on the 15,000 sq. ft. Michael Davis construction (the design is Todd Nagy) "on the steps of Southampton Town Hall." The owner, real estate property developer Benjamin Ringel, owes more than $7.8M to the Bank of Smithtown and they're looking to collect. While the circumstances of the foreclosure are unknown (bet it has something to do with not paying the mortgage), Sagaponack's Village Clerk noted that it looks like Mr. Ringel is "desperately trying to hold on to it" and stave off the auction. He paid at least two years worth of back taxes in person at Sagaponack Village Hall earlier this month.

This is only the second foreclosure Sagaponack has seen since the village was formed in 2005.

· A Rare Foreclosure Looms In Sagaponack [27 East, subscription required]