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Wainscott's Burnt Point Estate Hits the Market at $95M

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38 Mathews Road Wainscott
38 Mathews Road Wainscott

Burnt Point, the 24-acre estate on the Wainscott side of Georgica Pond, is back on the market at $95M, currently the second most expensive property in the Hamptons (Briar Patch being number one at $140M). The property first made headlines in 1996, selling to commodities trader David Campbell for a record setting $10M. Campbell commissioned architect Francis Fleetwood to build the house, which was completed in 1999. Campbell then put the estate on the market in 2000, asking $50M. The property sold to pharmaceuticals billionaire Stewart Rahr for $45M in 2005, then the most expensive home ever sold in New York State. Rahr, who cut a swath through Hamptons parties of the past decade calling himself Stewie Rah Rah, apparently now summers in Europe (sob) and so Burnt Point is now up for sale again. (Whence the name? A forest fire around the turn of the twentieth century that denuded the point.)

The property offers more land than anything else available in East Hampton, with 2000 feet of frontage on Georgica Pond and views to the ocean. The house is a massive 18,000sf with eight bedrooms in toto; part of it is a self-contained four bedroom and 4.5 bath guest wing with its own balcony and sitting room. There are some nice features like two elevators, stone fireplaces, antique beams and 200-year-old oak floors, although most of the interiors seem traditional and (whisper it) dull to us. The house is being sold furnished except for the art. There's a media room, game room, gym, and wine cellar.

Outside, there's a tennis court with pavilion; pool, hot tub and waterfall; professional greenhouse; boat house; dock on a small beach; and a pretty waterside gazebo perfect for relaxing.

As for the price, it strikes us as fairly realistic, although the property may sit for a while because, of course, the market for $95M estates isn't huge. The gambreled, traditional house is slightly dated, but other than that, the estate is spectacular, with a great location and so many acres of land.
· Burnt Point [Corcoran]
· All posts about Stewart Rahr [CH]