Hampton Style - August 29, 2008 -

While there will always be a natural ebb and flow to real estate markets, the haughty price tags shown here help illustrate that niche properties will always find a buyer. Of course, Hamptons

home-owners themselves are a special breed-men and women who have already slayed dragons and conquered industries are now looking for a suitable castle ... a sanctuary to serve as their reward. Given the calibre of people who come here to stake a claim, it's little wonder you can't easily put a cap on what they are willing to spend to find the perfect home. While current real estate offerings don't top the largest sale on record (a whopping $103 million), their robust numbers do much to remind pessimistic speculators that this is a market still very much alive and well.

1. $103 million: Further Lane, East Hampton

In 2007, Ron Baron purchased oceanfront property on Further Lane in East Hampton from Adelaide de Menil, heiress to the Schlumberger oil fortune, and her husband, Edmund Carpenter, for a record-breaking $103 million. Though the price was equivalent to what Texas planned to spend on border security that year, the sale wasn't included on Forbes's list of the most expensive home sales because the land was considered vacant at the time of the transfer. Eight of the historic houses and barns once situated on the property had been moved to East Hampton Town Hall, and one was moved to Amagansett.

2. $45 million: Burnt Point, Wainscott

Though the 25-acre Burnt Point property, located on the Wainscott side of East Hampton's Georgica Pond, was originally listed at $50 million, president and chief executive of Kinray Inc. Stewart Rahr whittled its brokers down to a mere $45 million. Tucked away on the estate is an 18,000-square-foot mansion built by local architect Francis Fleetwood. The property also includes a waterfall, octagonal guest suite, greenhouse and 2,024 feet of waterfront.

3. $41.3 million: Old Trees, Southampton
Old Trees was built in 1911 as a summer home for architect Goodhue Livingston and his wife, Louisa. Located on Lake Agawam, owners of such estates would often hang signature-colored lanterns so boaters could find their way home at night. Today, it was the renovated house's steep price tag that served as a beacon. At $41.3 million, Old Trees required a buyer with serious money. Enter John Paulson, the newly minted hedge-fund wunderkind who bet heavily against subprime mortgages and reaped enough rewards to make this home seem like a modest purchase. The 20,000-square-foot shingle-style mansion has 13 bedrooms, 11 baths, a library, a flower garden with century-old landscaping, a guesthouse with a pool and tennis court, and a separate staff dwelling with its own gym.

4. $80 million: "Gem," Southampton

The custom-built, oceanfront sanctuary and pond-front estate is the last project of renowned builder Kurt Andersson and architect D'Aquino Monaco. The four-year project was completed in 2004, and resulted in 13,500 square feet of living space divided among four floors, all with water views. There are nine bedrooms, 11 full baths and four powder rooms. Six of the property's 11 acres are Peconic Land Trust natural preserve lands, with 1,000 feet of oceanfront and 1,000 feet of pond front, the home also boasts a connecting two-story enclosed gazebo, sunken tennis court, Gunite pool, Jacuzzi, pool house, private walkway to the beach and pond with a wooden dock.

5. $68 million: Three Ponds Estate, Bridgehampton

Other than the ponds it is named for, Three Ponds Farm, which encompasses more than 60 acres of Bridgehampton farmland, is not on the water. Nevertheless, it's on the market for $68 million. The home was designed by Allan Greenberg, whose other projects include Bergdorf Goodman in Manhattan and the Luxembourg Embassy in Washington D.C. It was built in 1999 by an architect who worked on the White House and Rockefeller Center. The 20,000-square-foot main house boasts seven bedrooms, 12 baths, a great room with a 28-foot-high domed ceiling, loggia and custom elevator. In addition to the Mediterranean-style home, the property also includes a U.S.G.A.-rated, nine-hole, par 35 Rees Jones golf course with its own pro-shop featuring golf gear embroidered with the Three Ponds logo. There is also a 75-foot flush-edge swimming pool, a guest cottage nestled on its own four acres and 14 gardens, one of which is a replica of the Brooklyn Botanic Garden's rose garden.

6. $67.5 million: Linden, Southampton

Located in the Estate Section of Southampton, the Linden Estate's original 1902 structure has been completely restored and refitted. At 18,000 square feet, the home's three floors are sectioned off into 12.5 bathrooms and 12 bedrooms, including a master suite, library, elegant living and dining rooms, and enclosed porches. The estate itself is comprised of nine acres of lush, green lawn, which holds a grass tennis court, 60-foot indoor and outdoor swimming pools, a gym and spa, paddle tennis court and a four-car garage. An annexed carriage house doubles as a three-bedroom apartment, garage and work space.