Southampton’s Meadow Lane may be home to yet another extravagant estate, albeit years later than anticipated.
An anonymous buyer is in contract to purchase the property at 1320 Meadow Lane, the New York Post reported. The last asking price on the property was $49.5 million.
The seller is Meadowcore LLC, an entity with ties to billionaire Swedish hedge fund manager Thomas Sandell, who is worth $1.2 billion, according to Forbes. Sandell has spent years trying to offload the property after abandoning construction of his compound.
At one point, Sandell seemed driven to construct an 18,000-square-foot Moroccan-style home, which was about 60 percent complete as of July 2019. But a 10-month break from the project turned permanent; Sandell had spent $19 million on construction since 2012, on top of the $37.1 million he paid for the property in 2007.
Sandell was forced to come down significantly on his asking price to recoup costs. At one point in 2021, the listing price was $85 million. Succeeding asks fell to $75 million, then $67 million before hitting its final listing price.
The 10-acre parcel on the Atlantic Ocean is the largest on the waterfront on Meadow Lane, an exclusive enclave for the ultra-wealthy. There’s 550 feet of ocean frontage and deeded access for the water across from Meadow Lane.
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The buyer will have to decide whether or not to complete Sandell’s vision for the estate or tear it down to start anew. What’s in place at the moment is a two-story structure. The plans included a 10-bedroom, 10-full-bathroom abode with tennis courts and a 1,700-square-foot pool.
Corcoran’s Tim Davis and Bespoke Real Estate shared the listing. Davis previously pinned the asking price of the original home — were it to have been finished — at a whopping $150 million.