As it turns out, Martha Stewart cooked up quite a deal for her longtime oceanfront hideaway on East Hampton’s Lily Pond Lane.
Stewart sold the property in mid-August to media executive Kenneth Lerer, co-founder of The Huffington Post and former longtime chairman of Buzzfeed, and his wife, interior designer Katherine Sailer. At the time the terms of the sale were not revealed. The property was reportedly asking $8.4 million, but it turns out Lerer and Sailer paid Stewart nearly twice that — $16.5 million.
Stewart paid just $1.7 million for the one-acre property in 1991 following her divorce from Andrew Stewart. The classic shingle-style home dates back to 1873. Stewart reportedly directed a remodel herself.
Stewart rarely spent time at the Lily Pond Road property and instead lives primarily in Bedford, New York.
Stewart also owned a bungalow in Bridgehampton in the 1990s. It was recently converted into a hotel.
Earlier this year, Lerer and Sailer sold their 11,000-square-foot mansion in Miami’s Venetian Islands for $25 million. Two months later, the couple sold another property, a co-op at 300 Central Park West, for $18 million.
[Dirt] — Dennis Lynch