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Dick Grasso Puts Sagaponack Estate on the Market for $45M

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Sotheby's put up a new listing for an 8.7-acre property in Sagaponack, with no close up or interior shots of the house, just an aerial view and some generic Sagaponack farm photos. We zoomed in using Bing Maps and the place certainly seems pleasant enough from above. As it should, since the property belongs to Richard Grasso, former head of the New York Stock Exchange. The 7000sf house features seven bedrooms and 7.5 baths, but the real star here is the land. Besides the lot with the house, which is 1.9 acres, there are four vacant pondfront building lots, between 1.4 and 1.9 acres each. Asking price of $45M is reasonable, given that nonoceanfront land in Sagaponack seems to run about $4-5M an acre these days.

· Opportunity in the Heart of Sagaponack [Sotheby's]