A Hamptons estate sold for nearly $60million despite the coronavirus pandemic ravaging New York.
The six-acre family compound, located in Southampton, New York, was initially put on the market in 2016, after its owner, financial advisory firm-founder John F. Sullivan, passed away.
Real estate agent Cody Vichinsky told the Wall Street Journal that the sale of the estate was negotiated before the coronavirus pandemic broke out in New York.
A family estate in the Hamptons was revealed to have sold for nearly $60million to an unnamed buyer in April
The property was owned by late financier John F. Sullivan. He had built two chateau-style homes on the estate around 1990
The larger of the two homes is 9,200 square feet and has a swimming pool, elevator and wine cellar in it
The property was first put on the market with a combined asking price of $100million in 2016 after Sullivan died
But, he said that since coronavirus hit New York City, he has seen an increase in interest from buyers looking to leave the city for homes in the less densely-populated Hamptons.
The Hamptons rental market is also said to have seen enormous growth in recent weeks, too, as wealthy urbanites flee coronavirus hotspots, including New York City, seek temporary refuge.
After closing for $57.5million, the home is now one of several pricey estates that have been purchased since the pandemic started.
Hedge fund owner Barry Rosenstein sold his 1.5-acre Hamptons estate for $37million, the Wall Street Journal reported in April.
Also sold in April was late Union Pacific chairperson James H. Evans’s five-bedroom, ocean side home in East Hamptons, New York. It was sold for $45million.
Vichinsky did not reveal who the buyer of Sullivan’s estate was.
The sale features the two chateau-style homes that Sullivan had built around 1990.
Zoning laws indicate that the homes can be torn down and turned into a home as large as 18,000 square feet
Sullivan’s daughter believes the two homes will eventually be torn down and a brand new building put in their place
A view of the garden that was built on Sullivan’s property. Both homes have direct beach access
The real estate agent behind the home’s sale said the deal was made before the coronavirus pandemic hit New York
A look at one of the home’s foyer. The large home has a wine cellar, elevator and heated swimming pool
The larger of the homes sits on the oceanfront and is 9,200 square feet, with the usual mansion amenities including an elevator, wine cellar and heated swimming pool.
The second home is about 4,600 square feet.
After his 2016 death, the homes were put on the market for $100million a set or $75million and $35million each.
When the estate was sold, only the oceanfront house was officially on the market with an asking price of $55million.
Sullivan’s daughter, Lisa Crawford, told the Wall Street Journal that the new homeowners have allowed her and her family to remain at the home until her daughter’s August wedding.
She said she expects that the homes will be torn down and a new construction put up.
In 2017, Vichinsky told the newspaper that the area’s zoning laws allowed for the house to be expanded to about 18,000 square feet.
Crawford said that it as ‘the end of an era’ and called the sale of the home ‘bittersweet.’