“No reserve” are the magic words at any auction because they mean a bargain is a definite possibility. Currently listed with Rebekah Baker of Sotheby’s International Realty with a $27.5 million price, this East Hampton property will hit the (virtual) auction block via Sotheby’s Concierge Auctions on December 6 and sell to the highest bidder — no matter how low! — on December 14.
Along with a one-of-a-kind residence designed by a renowned architect, there are three acres of land on the southern portion of East Hampton’s ultra-fancy Further Lane, one of the most exclusive stretches of road on the planet. Boldface name neighbors include Jerry Seinfeld, Lorne Michaels, Larry Gagosian, Carl Icahn, Martha Firestone Ford, Mort Zuckerman, Howard Schultz, and Ron Baron.
The property has been on and off the market for a while now at different price points, including way back in 2016, when it was priced at $17.9 million. Designed by esteemed Hamptons architect Norman Jaffe, the house is part of the estate of the original owner, late and legendary financier and economist Joel M. Stern, who pioneered the concept of “shareholder value” as well as “economic value added.” He commissioned Jaffe to build this house in 1980.
Beginning in the 1970s, when the architect moved to Bridgehampton, Jaffe became known for his “strikingly sculptural” beach houses, primarily in and around the Hamptons, that made use of rustic natural materials. He designed more than 50 landmark residences in the area, as well as the Gates of the Grove Synagogue for the Jewish Center in East Hampton, called his masterpiece and one of the finest examples of modern synagogue design in America.
This handsome home offers 6,000 square feet of voluminous space, including an enormous great room and a more secluded TV lounge, along with signature Jaffe touches such as natural stone walls, extensive use of natural wood paneling, high ceilings, walls of glass that let the outdoors in and, echoing stone terraces outside, fieldstone slab flooring. Like most good architects, Jaffe was sensitive to the sites where his creations were built, saying, “An interesting site gives you something to respond to visually.” Entertaining is easy with such a large living and dining room, which look out to the gardens. There’s also a more intimately scaled nearby study.
While the architectural pedigree is impeccable and the home is impeccably updated and maintained, a well-heeled buyer in today’s market might have some issues with the house. The small though stylishly updated kitchen might have been a great idea in 1980 but isn’t what people want today. And the four bedrooms, each privately set off from the rest with its own en-suite bathroom and walk-in closet, may not be enough to accommodate most buyers at this price point.
Outside, behind high hedges, are rolling lawns, a pool and a fenced tennis court. Location is extremely good, with the sounds of the roaring Atlantic nearby, and it’s a short stroll or bike ride to local beaches.
It’ll be very interesting to see what price this property commands — don’t forget, there’s no reserve so a rare Hamptons bargain may be in the offing — and also whether the new owner keeps the house as is or opts to rebuild.
Read More: Hamptons Beach House in Sought-after Location Heads to Auction – DIRT