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On Gin Lane, Southampton, a $53M Teardown

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Only in the Hamptons does your teardown cost $53M! Two adjacent properties, both formerly part of Wooldon Manor, have been purchased by an unidentified buyer, who plans to make them into one large estate. (Well—large for our era. Jessie Woolworth Donahue, the original owner of Wooldon, is probably chortling derisively somewhere.) The larger parcel, 28 Gin Lane, is 3.77 acres with two Tudor-style buildings on it, the Wooldon carriage house and caretaker's cottage. It was listed for sale at $50M a little over a year ago and closed for $40M. Those buildings, according to the seller, quoted in the Wall Street Journal, are of no historical significance and will be torn down. His family had owned the property since the 1950s.

The smaller parcel, 24 Gin Lane, is 2.7 acres, an empty lot. It was subdivided after Scott Bommer, the hedge funder who bought the entire Wooldon Manor estate (although not the carriage house et al), then changed his mind and sold it. Developer Jay Bialsky purchased the lot for $11M, which just sold to the buyer for $13M.

So the buyer is getting almost 6.5 acres on Gin Lane for $53M. Now all s/he has to do is build a house. Congrats, new owner!

· A Hamptons Teardown Sells for $53 Million [WSJ]
· All posts about Wooldon Manor [CH]
· Gin Lane [Bespoke]
· Once In a Lifetime Gin Lane Oceanfront [Corcoran]