The owner of an enormous equestrian estate in East Hampton is done horsing around.
The 20-plus-acre estate at 172 Cedar Street sold in two transactions totaling $22.5 million, Behind the Hedges reported. The deals closed at the end of last month.
In one transaction, a private buyer paid $12.7 million for the 15,000-square-foot main house at the address, as well as an agricultural reserve and an additional lot, totaling about eight acres. The main house includes nine bedrooms, a grand foyer and a music room. There are nine fireplaces throughout the home, as well as a spa, sauna, steam room, massage room, gym and theater.
Outside of the home, there is a chlorine-free gunite pool, a pool house and a tennis court. The property also includes every horse rider’s dream: horse stables, riding rings and grass paddocks.
In the other transaction, the Town of East Hampton purchased six lots and one reserve, totaling more than 12 acres, for $10 million. The town used the Community Preservation Fund, which is designed for the purchase and preservation of open spaces. About half of the land is being preserved due to the split transactions.
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Enzo Morabito of Douglas Elliman and Dana Trotter of Sotheby’s International Realty held the listing. Morabito procured the buyer.
The equestrian estate first came on to the market in March 2017, when the seller was asking $39 million. By October of that year, the price had been cut down to $35 million. The property reportedly last changed hands in 2009 for $12.5 million.
Room for horses is a luxury for buyers in the Hamptons, who can barely find enough room for themselves. Inventory in the Hamptons was down 42 percent year over year in the first quarter and 16 percent from the previous quarter, according to a Douglas Elliman report by Miller Samuel.
[Behind the Hedges] — Holden Walter-Warner