Hampton Style - May 25 -

On a recent sunny afternoon, Sotheby's star broker Harald Grant was driving through the tony streets of Southampton giving a mini tour of the impressive homes he had sold in the major-millions price bracket. He sounded like the Blue Book on-tape, and should have at least had a ticker slapped on his windshield for all the big numbers he was spitting out. "For $17-20 million, you get two or three acres," Grant said, coaxing his black Range Rover into Old Trees, a $48-million estate at the end of a long gravel driveway on First Neck Lane. "This is almost 11 acres."

A genuine bargain, then, if you do the math.

Before parking in front of the 6-bedroom, Georgian traditional main house, Grant pointed out a flower garden with 100-year-old landscaping; a guesthouse with its own pool and tennis court; and another charming dwelling for staff with a gym on the first floor. The whole estate could easily be mistaken for a country club--but it can actually never be converted to such, due to strict zoning laws.

"I'm flattered to have this as a listing," said Grant, who is responsible for selling over $100 million worth of property in the Hamptons at the moment. "It is so unique."

Built in 1911 as the summer residence of architect Goodhue Livingston and his wife, Louisa Robb Livingston, Old Trees has a private Old-World charm that's a rare find among the fields of McMansions. Livingston, a partner in the blue-chip firm of Trowbridge & Livingston--the plans for the house are displayed in the oak-paneled library--descended from a family that was among Mrs. Astor's "Four Hundred" (the cream of 19th-century New York society). Louisa was the daughter of James Hampden Robb, elected to State Senate in 1884, and Cornelia Van Rensselaer Thayer.

According to Houses of the Hamptons 1880-1930, a new book by Gary Lawrance and Anne Surchin, the society columnist Barclay Beekman once wrote of Louisa Robb Livingston, "Unlike most first ladies, Mrs. Livingston isn't a joiner. Being a Livingston, she believes her name is glory enough."

We should all be so lucky.

In 1960, the Livingston estate sold Old Trees to John Michael Shaheen. He was the president of the Macmillan Ring-Free Oil Company, and died in 1985. His family sold it in 2000 for $20 million to the current owner, an extremely private businessman who recently bought an estate in Cape Cod.

Grant landed the listing two months ago, when Goldman Sachs CEO Lloyd Blankfein backed out of a signed contract for approximately $41 million. (Old Trees had been on the market for about 7 months.)

Grant has already shown the property to six pre-screened potential buyers. "I turn away one out of every three people who inquire to see it," said Grant. "Someone making $20 million a year is still not going to be able to buy this. Plus it's $500,000 in upkeep every year." The owner also doesn't want voyeurs taking tours just for the thrill of it.

The tour is, however, pretty damn thrilling.

It starts in the foyer of the main house with a small green embroidered pillow on a bench: Guests of guests may not bring guests. (A good rule for all Hamptons homes, no?) The 12-foot-high living room opens up onto a sprawling backyard on Lake Agawam, which was a separate enclave within the village of Southampton in the early 1900s. The lakefront owners each had a private dock and hung different-colored lanterns so boaters could find their way home at night. Just across a narrow stretch of bay is the 2.5-acre home of Carl and Barbaralee Spielvogel, which is on the market for $35 million. (Guess which broker has the listing.) In the library, there's a coffee-table book about the legendary firm of McKim, Mead, and White--which designed the house next door, Dolphins, in 1885 for Louisa Robb Livingston's father. Now hedge-fund manager Walter Noel and his wife, Monica, own the property.

Their daughter, Marisa Noel Brown, has been to Old Trees many times for tennis and parties. "It has a great vibe," she said. "There's always a great crowd. I've danced the night away. It's hard to say goodbye."