An oceanfront estate in Sagaponack is making waves with its staggering $152.5 million price tag, poised to set a new benchmark for Hamptons real estate. This property, though smaller than some of its sprawling neighbors, is aiming to become the most expensive home sale in the area.
Located at 39 Fairfield Pond Lane, this fully furnished residence sits on one of America’s most exclusive streets. Billionaire hedge fund manager Zach Schreiber, who founded PointState Capital, purchased the property for $24 million back in 2013, according to deed records. He has now put it on the market.
If sold at its current asking price, this property would shatter the existing record for a single parcel sale in the region. The current record is $115 million, set last year by a 10,500-square-foot waterfront home on nearly 9 acres at 408 Further Lane, as per property records.
The listing reveals that the Sagaponack estate is priced at an astonishing $16,053 per square foot, highlighting its premium value.
This eye-watering price follows a complete transformation of the property, which included demolishing the original two-story house to make way for a new, luxurious two-story structure.
At 9,500 square feet on 3.4 acres, the property’s size is similar to an estate on the same street listed for a comparatively paltry $89 million. That property, and its private 9-hole golf course, stands among the Hamptons’ priciest listings and keeps within the range of the overall area’s highest-priced properties.
A sale of 39 Fairfield Pond Lane would pillory that price.
To be sure, other properties in the Hamptons have higher theoretical prices, with the biggest example being Ira Rennert’s waterfront compound, whose estimated value is over $425 million. With a 110,000-square-foot mansion that sits on 65 acres, it’s considered the largest living home in the US.
In fact, if the buyer of 39 Fairfield Pond Lane wants to shout, “Howdy neighbor,” when they move in, it would be to Rennert, whose estate shares the same property line.
The residence is outfitted to carry big bang for its buck. By coming fully furnished, it’s aiming for a big buying point that’s part of the nascent but growing approach in the Hamptons.
The site includes 363 feet of beachfront, a tennis court pros have played on, a heated pool and a great room where you could park a city subway car. If you were so inclined.
The seven-bedroom, eight-bathroom spread is designed to be elegant and welcoming.
“This could be a forever home,” said listing agent Terry Cohen of Compass Real Estate.
In fact, that is just what Schreiber planned, but “family life has moved elsewhere,” Cohen added.
Fairfield Pond Lane is one of the Hamptons’ premier streets, with plenty of privacy thanks to having a dead end in front of the ocean. This listing is designed to fit right in. In addition to its 9,500 square feet of interior space, 2,000 square feet of covered porches wind around.
Its 823-square-foot great room features 15-foot ceilings and panoramic views of the grounds and the Atlantic.
In sum, there are seven bedrooms, eight full bathrooms and two half baths. A recreational area includes a media lounge and, for those who like their recreation a bit more subdued, a Pilates room that comes flanked by a sauna and a spa.
The property has very humble beginnings, starting as a windswept beach house with potato fields behind it. A wood-frame cottage, with no heating and only a woodburning stove, was added in 1945.