Wednesday, 10 February 2016
Last updated 4 hours ago
Jul 18 2014 | 11:10am ET
SAB Capital Management founder Scott Bommer didn’t get anything close to what he wanted for his Southampton, N.Y., estate, but he’s still set to turn a tidy profit on a property he owned for just seven months.
Bommer’s Wooldon Manor has sold for more than $80 million, after about three months on the market. Bommer had sought $98 million for the 14.5-acre estate, which he bought in December for $75 million before spending $93.9 million to buy three adjoining properties in East Hampton.
The sale came in two parts: One buyer has bought the historic 10,000-square-foot mansion on five acres and an adjoining two-acre parcel for $50 million, The Wall Street Journal reports. The rest of the property has been cut into three plots and sold to a developer.
Bommer’s purchase of Wooldon Manor set a record for a Hamptons house—one that was shattered in May, when Jana Partners’ Barry Rosenstein spent $147 million for an 18-acre East Hampton estate. Wooldon Manor sits on one of Southampton’s most sought-after streets, Gin Lane, and overlooks both the ocean and Lake Agawam.
The identity of the buyers was not revealed. The sales are expected to close within a few weeks.