Millionaires are commonplace in the
Hamptons as are million dollar homes. A mere million dollars no
longer exemplifies wealth and million dollar house no longer represent
a residence of the rich, but instead characterizes a fairly standard
home. To be a wealthy land baron in the Hamptons today one needs
to have a net worth of many millions and in order to afford select
estates here, maybe even the billions. In fact, there are a few
billionaires right here in our mist. Ralph Lauren has reportedly
purchased the local East Hampton haunt “The Blue Parrot,”
a low key bar & Tex-Mex restaurant. There are also rumors that
the fashion giant has his eye on the East Hampton Point Resort,
a resort and marina that is listed for $55 million. The buzz is
that he intends to open a high-end club on the property that includes
12 cottages and a restaurant. It is listings such as this one that
can truly define the level of affluence needed in order to buy a
substantial piece of real estate in this area.
Investor Ronald Perelman is another billionaire who has some interests
here in the Hamptons. The financial mogul has a sprawling waterfront
property and mansion on Georgica Pond, an area that is packed with
some of the wealthiest people in the country.
Many celebrities and other prominent individuals seek refuge in
the privacy an estate here can afford them. A good deal of these
estates include many acres of undeveloped land (now worth an absolute
fortune) to serve as a natural privacy fence. Some are even so secluded
that they are difficult to find.
For some, the mile long drives, winding beach roads or secured gates
are still not enough. Celebrities or high profile figures have gone
as far as to buy estates on private islands to insure ultimate privacy
such as Mick Jagger, who kept an estate on the island of Mustique.
Britain’s Princess Margaret also maintained an estate on the
same island. Sir Richard Branson owns Necker Island, in Virgin Gorda,
where he runs a high-end resort. It is made up of Balinese-style
cottages and the entire island will only accommodate up to 28 guests
at a time. Marlon Brando was a recluse in French Polynesia, on the
island of Tetiaroa, for many years.
To buy on to or buy into a private island takes some real money.
There are not many for sale, as most of them have already been divided,
developed or have become resort properties. This makes them so rare
that for other than the extremely wealthy, they are virtually untouchable.
There are even realtors who specialize in listing and selling private
islands around the world. A Coldwell Banker brokerage in Australia
called “Morrison’s Private Islands” does just
that. Currently the highest priced private island for sale in the
world is on Fiji. The island of Vatu is listed for $75 million.
The East End’s own Gardiners Island is the largest privately-owned island in North America. This island, located between the two Forks in Gardiners Bay is 6 miles long, 3 miles wide and has 27 miles of pristine shoreline. It has been owned by the same family for 400 years. In 1980, the island was said to be worth an estimated $125 million. Taking into consideration the fact that real estate values have easily tripled since that time, coupled with factors such as the island’s unique qualities and historical value – well, you do the math. The value of this little island may very well be incalculable. A wood shed on the property is the oldest remaining structure in New York State. When the Lord of the Manor, John Gardiner, passed away just a little more than a year ago, his niece inherited the property. At that time there was much talk about the development of the island, but we have yet to see any changes. The island and its buildings have remained much as they were 100 years ago. There is a windmill and many of the roads are still dirt. The island generates its own electricity and costs more than a million a year to maintain. That fact can give you a good idea what a million dollars will buy here.
You can reach Diane at eastendrealest@yahoo.com.
