One of the most famous estates in the Hamptons has traded hands in an action-packed live auction event held on January 24 at Sotheby’s New York.
La Dune, a two-residence, four-acre estate in Southampton, New York that’s been on and off the market in recent years — listing for a whopping $150 million at one point — was auctioned off for a staggering $88.48 million.
The auction, a spectacle in itself, was held at Sotheby’s prestigious New York saleroom.
It attracted global attention with seven bidders from regions including North America and the Caribbean. The intense bidding, which started at $66 million (the minimum bid) culminated in a hefty sale price, with an unnamed buyer submitting the winning $88.48 million.
Included in the price is a 12% buyer’s premium that goes to the auctioneers and the real estate brokers who marketed it — Sotheby’s Concierge Auctions in partnership with Harald Grant of Sotheby’s International Realty, Tim Davis of The Corcoran Group, and Cody Vichinsky, President and Founding Partner of Bespoke Real Estate.
And Sotheby’s has an extra reason to celebrate the successful auction.
Renowned for orchestrating high-stake sales — including the record-breaking auction of The One mansion in Bel Air for $141 million — Sotheby’s Concierge Auctions has added another feather to its cap with the auction of La Dune, with the sale representing one of the highest prices for a property auctioned by Sotheby’s.
“The remarkable final sale price for ‘La Dune’ reflects its stunning design, exclusive address, and historic pedigree,” Chad Roffers, founder and CEO of Sotheby’s Concierge Auctions said in a press release.
“It’s a result that our team, as the world’s leading luxury property auctioneer, is best positioned to obtain. We deal in real market value, which is ultimately measured by what a group of qualified bidders are willing to pay for a unique, one-of-a-kind piece of real estate like ‘La Dune’,” he added.
La Dune’s two standout residences: 366 & 376 Gin Lane
If you’re wondering what features the Hamptons property may have to justify its staggering sales price, here’s a breakdown of what La Dune has to offer.
Spanning over four acres on the coveted Gin Lane in Southampton, La Dune consists of two grand residences, over 400 feet of bulkhead beachfront, and palatial grounds with direct access to the beach.
The main house, originally designed by Stanford White, features over 11,000 square feet of living space, including 10 bedrooms, eight bathrooms, and staff quarters.
The second residence, built in 2001 by acclaimed French architect Francois Cartroux, echoes the main house’s elegance.
Both houses were built in the classic Southampton style, the main house in the early 1900s and the second house in the 2000s. Bidders had to option to buy the residences separately or as a package deal — which was ultimately the case.
With a combined 21,000 square feet of living and entertaining space, including a home theater, billiards room, fitness room, and staff quarters, the property is primed for year-round entertaining. And since pictures are worth a thousand words, here’s a sneak peak inside the iconic property:
The property was once listed for $150 million
The estate’s journey to its recent sale wasn’t all smooth sailing.
Once listed at a staggering $150 million, La Dune’s history was marred by controversy in recent years due to its (now former) owner, French-Canadian art publisher Louise Blouin.
Blouin was once one of the most visible figures in the world of art media, Artnet reports, purchasing famous titles Modern Painters and Art + Auction and launching the website Artinfo.com in the 2000s.
But she soon fell out of grace. Her business ventures, including Art+Auction and Modern Painters magazines, have seen various challenges, amplified by Blouin’s financial dealings, particularly her involvement in offshore accounts as revealed by the Panama Papers, which have been a subject of scrutiny.
Beyond its ties to the former art publisher, La Dune also has some notable movie credits to its name.
The property’s cultural footprint includes some screen time in Woody Allen’s 1978 film Interiors, starring Diane Keaton and Geraldine Page.