Art power couple Lloyd and Barbara Macklowe finally found a buyer for their East Hampton estate after several price cuts.
Hard Rock Cafe co-founder Peter Morton purchased the property at 51 West End Road from the Macklowe Gallery founders for $35 million, the New York Post reported. Morton plans to unite the property with an adjacent home he already owns to create a five-acre expanse.
The sale was an adventure in discounts for Harry Macklowe’s brother and sister-in-law. They put the home on the market in November 2021 for $60 million, dropping the ask to $49.5 million in June. They cut the price once again in September, to $39.5 million.
The couple purchased the property in 1992 for $3.5 million, before pouring at least $12 million into renovations over the next three decades. Updates include wide-plank pine floors, a chef’s kitchen with a butler’s pantry, formal living and dining rooms, a den and a junior master suite on the ground floor.
The 6,100-square-foot home, built by Roger Bullard in 1926, has five bedrooms, five bathrooms, two half-bathrooms and four wood-burning fireplaces. The estate includes a separate 800-square-foot garage, 170 feet of ocean frontage, a private stretch of Georgica Beach and access to Georgica Pond.
Douglas Elliman’s Kyle Rosko and Marcy Braun had the listing. Compass’ father-son duo of Ed and James Petrie represented the buyer.
Morton’s new abode is across the street from the home Harry purchased in 2017 for $10 million.
The 75-year-old Morton has been involved in a number of luxury real estate deals in recent years. In 2018, he agreed to sell his beachfront Malibu home for $110 million, making it the most expensive home sale in Los Angeles County at the time. Prior to that, Morton dropped $25.5 million on a pair of West Village condos in New York City.
In 2019, the Macklowes — who have passed the famed art gallery on to their son, Benjamin — sold a co-op at 900 Fifth Avenue for $5.4 million.
— Holden Walter-Warner