Inside the $150 million Hamptons summer home for sale

A beachfront property in Southampton, listed for $150 million, is considered the most expensive home sold in the Hamptons – and is struggling to move out of the market.

The property, called La Dune, is likely to be used as a summer home and attracts a small number of buyers, perhaps billionaires, who can afford it. Even in the Hamptons, more than $100 million in sales are few and far between.

La Dune, named for the dune it lies behind, spans about 4 acres, across two adjacent lots with two houses, two swimming pools and a sunken tennis court.

It wasn’t easy finding a buyer for the sprawling complex, which includes the classic Hamptons-style tiled main residence, originally built more than 100 years ago, and a second home on an adjacent lot, built built in the early 2000s.

“This home is the furthest thing since the fall, but if the house weren’t here, this lot alone, each of them would be worth $50 million,” listing agent Shawn Elliott of Nest Seekers told CNBC.

And Elliott promises La Dune’s price isn’t just designed to garner headlines.

“I believe this is 100 per cent a very realistic price to attract buyers in this market,” said Elliott, who co-lists homes with Geoff Gifkins.

This property sits on more than 400 feet of super-prime shoreline along Gin Lane, sometimes referred to as “billionaire’s beach.” It is one of the most unique stretches of white sand in the world.

“In real estate, we always knew it was location, location, location, it was not a cliché,” said Elliot. “You’re literally on the 50-yard line with nothing but wealth.”

Back in 2016, the owner of La Dune, art magazine publisher and collector Louise Blouin, put the property on the market with Sotheby’s International for an asking price of $140 million. At that time, there were no contestants.

Over the years, the mansion has been listed for summer rental. This year, a one-month stay will set you back $1.2 million.

Since 2016, the home has been on the market and Blouin is said to have faced potential foreclosure and bankruptcy court proceedings to maintain control of the property.

She re-listed La Dune in August with a new brokerage and raised the claim to $150 million.

If the team at Nest Seekers got anywhere near what their customers wanted for the complex, it would break an all-time record in the Hamptons.

According to public records analyzed by Jonathan Miller, president of real estate appraisal and consulting firm Miller Samuel, only five compounds have ever sold for more than $100 million in the Hamptons.

The all-time record is still held by a separate but adjacent 2014 backpack sale of 16 acres located at 60-64 Further Alley in East Hampton that traded for $137 million.

The two most recent nine-figure deals, according to public records, were in Water Mill, a village also in Southampton Town, about two miles east of La Dune.

The first was the massive sale of a 42-acre, 20,000-square-foot beachfront property called Fordune, located in 90 Jule Pond Drive. The former Ford family estate was originally listed for $175 million in 2017 and was on the market for nearly 4 years before being sold for $105 million in 2021, 40% off but remains an all-time record for a single-lot property in the Hamptons.

In 2022, an even larger sale eclipsed a quiet off-market sale of 70 Cobb Road, which was recorded at $118 million. The complex is located on a creek, not the ocean, consisting of four contiguous lots spanning approximately 21 acres. The sale includes two homes that together provide more than 32,000 square feet of living space. The big deal remains the Hamptons’ second-highest sale of all time.

Here’s a closer look at the latest complex vying for a spot on the short list of summer homes that have sold for over $100 million:

The La Dune complex spans four acres with 21,000 square feet of living space across two homes, according to the listing.

The four-story main residence, located at 366 Gin Lane, spans over 11,000 square feet.

The three-story second home at 376 Gin Lane, which the owner Blouin calls a “family home,” is more than 9,600 square feet.

The pair of villas includes a total of 19 bedrooms and 16 bathrooms.

The lowest floor of the so-called family home includes a gym, steam room, bar, billiards room and home theater.

There are several kitchens on site including a large event staff kitchen on the first floor of the main house. There is also a more modest home kitchen, one floor above it.

Blouin told CNBC she’s selling her Hamptons home in part because she and her children spend most of their time in Europe – not in Southampton.

According to public records, property taxes on both lots that make up the La Dune complex total nearly $130,000 per year.