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Charming, Characterful, Crazy-Expensive Estate on Gin Lane

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Yesterday we posted that a "a historic oceanfront carriage house" on Gin Lane was about to hit the market, and now here it is! Supposedly the old mansion for which it was the carriage house washed away in a hurricane. The 2.64 acre property is extremely charming in every way, with mature trees, statuary, an oceanside gazebo, pool and tennis court. The house is just as lovely—the only issue is its diminutive size: 2500sf. There are four bedrooms and 2.5 baths. Someone paying forty million dollars is going to want a larger house, almost certainly. Price is the other issue: as we pointed out, a buyer could have purchased the much-larger Squabble Lane property for the same amount (although that's now in contract).
· Gin Lane Oceanfront [Sotheby's]