New York real estate developer Peter Fine, seller of a large 6.7-acre compound in the Hamptons has made an extremely impressive profit in the sale. The Wall Street Journal reports that the estate that Fine purchased in 2020 for $45 million was just sold to an unknown buyer for more than twice that: $91.5 million, to be precise.
The compound is actually made up of two combined parcels of land and boasts a total of 300 feet of ocean frontage. Two years ago, the property had a main house that sprawled over 5,900 square feet, while the adjoining lot featured its own 3-bedroom guest house designed by famed Hamptons area architect Alfred Scheffer (and had been recently renovated). Both homes were practically fit for kings as they were, but the property’s official marketing materials took the somewhat unusual step of touting its potential for improvement:
“While both houses are ripe for renovation and expansion, an ambitious new owner might create something more befitting this gorgeous acreage that could include a 12,500 SF new residence oceanside as well as a 6,000 SF guest house, both of which could be enhanced with more square footage in finished lower levels. In addition, the property has more than ample room for a sunken north/south tennis court. With endless possibilities and the broad, white sandy beach at the end of your private walkway, this substantial oceanside compound awaits your private tour.”
Fine appears to have taken that to heart, completely renovating the estate and listing it with a spiffy new price tag of $72 million in 2020, the same year he bought it. But that didn’t work out, and the more recent sale to the unnamed buyer took place off-market, a source told WSJ.
You can take a look at the property was like before Fine’s renovations in the video below courtesy of Gary DePersia: