Dan's Papers - October 6, 2006 -

In the past week there has been an awful lot of real estate buzz. Two very "big" celebrity mansions have gone up for sale, one located here on Long Island and another in Palm Beach, Florida. First, Billy Joel announced he was putting his main residence up island on the market. This sprawling mansion in Centre Island, in the township of Oyster Bay, is now listed with Daniel Gale's Sotheby's International Realty for $37.5 million. The "piano man" bought the Nassau County Estate on 14 acres for $22 million and married his new wife, Katie Lee, there in 2004. The mansion has 5 bedrooms that must be absolutely massive, en-suite style, because the main house is a palatial 14,000 sq. ft. The brick, Tudor main house has 8 fireplaces and was acoustically equipped for the musician's needs. There is more than 1,500 feet of bay frontage with views of Oyster Bay Harbor, a four-car garage, pools both inside and out, a pool house, a bowling alley, a gym, a tennis court and a private guest cottage. The taxes alone are $250,000. Joel, who owns three boats, including a $2.5 million yacht, is reportedly selling because the dockage on the estate is not adequate.

The estate is located near the home he once rented in Cold Spring Harbor with wife number two, Christie Brinkley, before they bought a house out here. The singer has bought and sold multiple properties on Long Island, many of which are located on the East End. He has owned some pretty impressive pieces on both Forks. He continues to maintain a home in Sag Harbor and owns an apartment in the Village that he purchased for just under $6 million in February. Just a few years ago, Joel sold his Shelter Island estate that included a private dock for his yacht, which is just one of the features among a long list of upscale amenities on the property. That very private waterfront mansion sold near the $8 million or so asking price. He also owned another East Hampton estate with his former wife, Christie Brinkley, which was later purchased by Jerry Seinfeld. There are also 100 acres of preserve in Orient on the North Fork, once owned by Joel, that is still known locally as the Billy Joel Property.

And as if that news is not have been enough for one week, real estate tycoon Donald Trump has also announced that he will be placing his estate in Palm Beach, Florida on the market. This one will be going for a record-breaking $125 million. This 54,000 square foot mansion has 475 feet of oceanfront in an area that can only be compared to properties either here in the Hamptons or in Malibu, California. A property has yet to sell in that range here in the Hamptons, although it was rumored last year that Adelaide de Menil Carpenter was selling her historic estate for $90 million, but the sale never took place. "The Donald," on the other hand, publicly announced his intentions to sell last Friday. The mansion has features such solid gold faucets, and room to house 16 cars (just to give an idea as to what else might be inside.) If Mr. Trump's estate goes for the expected $125 million, it will surpass the sale of financier Ronald Perelman's Palm Beach property, the highest priced residence in America, at $92 million, to date.

When homes sell in the record-breaking range, it gives realtors a barometer with which to compare other very elaborate, and sometimes difficult to price, properties. It seems that prices just get higher all the time, and sophisticated estates such as this one are being built every day, making high-end sales in specific locations run in a class all by themselves.

Currently, there are 11 estates in the Hamptons listed on the Internet as being valued at more than $30 million, and that is not counting the ones that are for sale but not advertised. It goes to show that although prices on that scale would once have stood out, now they are more commonplace. These homes are packed with every amenity one could think of, as well as a few that one would not.