Historic Villa Maria sells for half the original asking price

Once asking $100M, it closed for $49M

By Grace Cassidy Feb 19, 2018, 9:30am EST

The historic Villa Maria estate in Water Mill has closed after news broke that it went into contract just last week, reports the Wall Street Journal.

Once asking $100 million when it came on the market in 2008, the home sold for around $49 million—and while that’s less than half of the original asking price, it’s still the most expensive real estate transaction of the year. Additionally, the sale beats out the most expensive sale of 2017, which was a $31 million home on Gin Lane in Southampton

The final sale of the compound was actually made in two separate purchases: one buyer bought the main house and an adjacent plot for around $36 million, and another buyer took additional parcels of the estate, costing around $13 million.

Sotheby’s International Realty’s agent, Harald Grant, brought the buyer for two of the parcels, including the main estate, while Olga Neulist—also of Sotheby’s—was the referring agent. Bespoke Real Estate represented the entire compound and the seller in the transactions.

Last asking $72 million, the whole compound sits on 15 acres. The main house—which was once a nunnery and is considered a Long Island landmark—has a stunning 20,000 square feet of living space which is host to 11 bedrooms and 13 bathrooms. Sitting waterfront on Mecox Bay, the property has 1,100 feet of bulkheaded bayfront, a tennis court, heated pool, carriage house, and guest house.

The buyers have not been revealed at this time, but it was last home to designers Vince and Louise Camuto, who purchased the home in 2005 for $35 million.