Latest Hamptons Real Estate News

By Dan Rattiner

Billy Joel and his wife Katie Lee Joel have bought an oceanfront parcel with a cottage on it directly adjacent to the oceanfront property at the end of Gibson Lane in Sagaponack that they bought last June from actor Roy Scheider and his wife Brenda. The new property is 1.6 acres and the cottage on it is approximately 1,500 square feet. The selling price is a reported $11.5 million, which is about $1.5 million less than the asking price.

The earlier purchase closed on June 6. That property is about the same size as the new one, but it has a beautiful five-bedroom, 5,000-square-foot home on it that the Scheiders built there about ten years ago. The selling price for that property at that time was $16.7 million, which was $2 million less than the asking price.

It's not yet known how the Joels will fit these two properties together, but speculation is that they might tear down the small cottage and build a music studio adjacent to the larger house they now occupy.

In another real estate development, the property of the late Howard Gittis has been placed on the market. The house is 16,000 square feet, sits on a 14-acre landscaped estate on Ox Pasture Road in Southampton and features two swimming pools, a tennis court and a caretaker's residence. It is being listed at $59 million and is co-listed by Paul Brennan of Prudential Douglas Elliman. Gittis was second in command to Ronald Perelman at the holding company MacAndrews and Forbes, which owns Revlon and other properties worth billions.

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