A Hamptons estate that once listed for $150 million before falling into bankruptcy was sold at auction Wednesday for $88.5 million.
The four-acre estate in Southampton, New York, known as La Dune, was sold by Concierge Auctions at a starting bid of $66 million. The property was sold in two parts — one house sold for $40.5 million and the other for $38.5 million. The buyer premium brings the total sale to $88.5 million.
The property, once the most expensive listing the Hamptons and famed for an appearance in the Woody Allen film “Interiors,” had been on and off the market since 2016. It was most recently listed in 2022 at $150 million.
Last year, the two properties on the compound were put into Chapter 11 bankruptcy after a foreclosure judgement.
The Atlantic Ocean offers a stunning backdrop for a pair of mansions for sale on Gin Lane in Southampton.
The previous owner, Louise Blouin, purchased the property in the 1990s for $13.5 million. She spent millions building a second mansion on the property in 2001, adding to the existing mansion, which was built in the 1890s.
The compound includes 23 bedrooms, two pools, a sunken tennis court, a home theater, spa, sauna and two gyms. Located on coveted Gin Lane, the property has 400 feet of oceanfront and lush landscaping.
Blouin, a Canadian art magazine publisher, owned Art+Auction, Gallery Guide, Modern Painters and other publications before the business started to falter. The loans on the La Dune property reached $40 million, according to media reports, and the estate was placed into Chapter 11 bankruptcy last year to avoid a foreclosure auction.
The pair of beachfront homes with two pools and a tennis court in the foreground of the photo are the La Dune estate.
Real estate sales slowed in the Hamptons last year, largely due to a lack of inventory, according to industry analysts. Yet prices and demand at the high end of the market remain strong.
Two properties sold in the Hamptons last year for over $50 million each, including a 6.7-acre compound in East Hampton that went for $91.5 million, more than double its sale price three years earlier.
La Dune is among the most expensive homes sold at auction. In 2022, Concierge sold an estate in the Los Angeles area at auction for $141 million.
Concierge auctioned La Dune 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.
The sale is pending approval from the bankruptcy court.