At long last, Sagaponack is getting its sunbelt moment. According to the New York Post, a Sagaponack home foreclosed on last month by the Bank of Smithtown is the first property in the wealthy town to face foreclosure — nearly five years after the real estate market crashed. The village clerk confirmed it was the first foreclosure of which she was aware.
The three-acre estate, at 219 Sagg Main Street, is owned by Ringel, who finished building a seven-bedroom 8.5-bathroom home on the property in 2009. But he owes $7.8 million on the property to the bank, which scheduled an auction for it in late September.
The Post said the property would likely fetch well more than the amount Ringel owes in the auction and could net as much as $12 million. However, Ringel’s attorney said the developer is maneuvering to remain in control of the house. [Post]