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· Registered
6,636 Posts
Discussion Starter · #1 ·

Stewart Rahr, a pharmaceutical distributor, paid $45 million for this 18,000-square-foot waterfront estate on 25 acres in Wainscott, N.Y.

Sale of Estate in Hamptons Raises Bar to $45 Million

December 31, 2004
Sale of Estate in Hamptons Raises Bar to $45 Million

Ocean views, private beaches and 14 bathrooms are fine for some people, but what good is a house in the Hamptons if it doesn't come with a superlative?

Stewart Rahr, a pharmaceutical distributor, got one this week when he paid more than $45 million for an 18,000-square-foot waterfront estate in Wainscott, part of East Hampton. Real estate brokers in the Hamptons and Manhattan called it the most expensive home ever sold in New York State.

The sale eclipses Rupert Murdoch's purchase this month of a $44 million penthouse on Fifth Avenue once owned by Laurance S. Rockefeller, who died in July.

Mr. Rahr said he had simply fallen in love with the place. "I had no intention of competing in a price war or setting a record," Mr. Rahr said in a telephone interview from Florida. "I just found that out today."

The estate, named Burnt Point, comes with a private dock and a sailboat. It sits on 25 acres, has a half-mile of waterfront, and overlooks Georgica Pond, a jackknife-shaped body of water whose shores are home to Calvin Klein, Steven Spielberg and flocks of endangered birds.

"I don't covet, but I covet this place," said Dolly Lenz, the broker with Prudential Douglas Elliman who sold the house. "It definitely is a Northeast record. They bought it with everything. They're going to walk in with a toothbrush."

The sale, first reported in The New York Post yesterday, is just the latest to raise the ceiling of New York's soaring real estate prices, but it may soon be surpassed. A Montauk estate once owned by Andy Warhol is also available for $45 million, and a white colonial-style house in East Hampton is on the market for $50 million.

The priciest home for sale in the country, according to a list by Forbes magazine, is a 25,000-square-foot house in Bridgehampton owned by Cheryl Gordon, whose late husband, Edward, was a real estate developer. The home, on the market for $75 million, has three ponds, a golf course and a Wimbledon-style grass tennis court.

"It's a sickness," said Mona Holzman, who oversees sales for Laffey Associates, a real estate firm on the North Shore of Long Island. She said she was shocked that a Hamptons home had fetched $45 million. "I guess people just don't know what to do with their money. I don't know what could be so spectacular about this house."

Mr. Rahr, 58, said he had not even been looking to buy another home. He recently bought a $13 million apartment in the refinished Hotel Delmonico, now the Trump Park Avenue, at 59th Street, and has a home in Sagaponack, part of Southampton. But he said once Ms. Lenz, the broker, showed him the Burnt Point house, he was smitten.

"It was overpoweringly peaceful," he said. "It was a, like a 'Golden Pond' type of feeling. Every room is so well furnished and in such great taste." He said he had not decided whether he would sell the Sagaponack home.

Mr. Rahr is president and chief executive of Kinray, a drug wholesaler, which is based in Queens and distributes vitamins, medical supplies and generic and brand-name drugs to pharmacies across the Northeast. Mr. Rahr took over from his father in the 1970's and expanded the family-owned company, which now does $3 billion in sales a year.

He bought the house from David Campbell, a commodities trader who built and decorated the house about five years ago. The furnishings are included in the deal. And the best part?

"I don't even have a mortgage on that property," Mr. Rahr said. "I'm able to write a check."

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· eGunny
12,268 Posts
Okay I don't get it, you can only use one toilet at a time, sleep in one bed at a time, cook in one kitchen at a time, drive one car at a time.... :lol: :lol: :lol: :lol:

Just being a wisea** here is all.......
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