20 Bayfront Acres in North Sea Plus Deepwater Dock for $34M

No doubt that this is a great property: there's 20 wooded acres and 3165 feet of frontage on Bullhead Bay, including a dock for your yacht. If you're a golf player, you're right next to the National Golf Links and Sebonack Golf Club. This was the summer home of renowned art collector and decorator Garrick C. Stephenson and his wife, and the six bedroom house, which is a generous 5800sf, is simple and spare, with great waterviews. There's a pretty natural pond and a waterside pool.

The real question is, who's going to pay $34M for this property? A developer, probably. If there wasn't another house right next to this one, it's possible someone might have purchased it and built a new large house on the property, but as it is, the part with the best view, where the current house is sited, is a small triangular parcel away from most of the rest of the land. We suppose it will be subdivided at some point and built up.

· Incomparable Waterfront Southampton Estate [BHS]