A Hamptons property that was once listed for $150 million before falling into bankruptcy sold at auction Wednesday for $88.5 million.
The four-acre estate in Southampton, New York, known as La Dune, was sold by Concierge Auctions with an opening bid of $66 million. The property was sold in two parts: one house sold for $40.5 million and the other for $38.5 million. The buyer's premium brings the total sale to $88.5 million.
The property, once the most expensive in the Hamptons and famous for its appearance in the Woody Allen film “Interiors,” had been on and off the market since 2016. It was last listed in 2022 for $150 million .
Last year, the complex's two properties filed for Chapter 11 bankruptcy after a foreclosure judgment.
The Atlantic Ocean provides a stunning backdrop for a pair of mansions for sale on Gin Lane in Southampton.
Liam Gifkins
The previous owner, Louise Blouin, purchased the property in the 1990s for $13.5 million. She spent millions building a second mansion on the property in 2001, adding to the existing mansion, which was built in the 1890s.
The complex includes 23 bedrooms, two swimming pools, a sunken tennis court, a home theater, spa, sauna and two gyms. Located on coveted Gin Lane, the property has 400 feet of ocean frontage and lush landscaping.
Blouin, a Canadian art magazine publisher, owned Art+Auction, Gallery Guide, Modern Painters and other publications before the business began to falter. Loans on the La Dune property reached $40 million, according to media reports, and last year the property filed for Chapter 11 bankruptcy to avoid a foreclosure auction.
The pair of beachfront houses with two pools and a tennis court in the foreground of the photo are the La Dune estate.
Liam Gifkins
Real estate sales slowed in the Hamptons last year, largely due to a lack of inventory, according to industry analysts. However, prices and demand at the top end of the market remain strong.
Two properties sold in the Hamptons last year for more than $50 million each, including a 6.7-acre compound in East Hampton that sold for $91.5 million, more than double its asking price three years before.
The Dune is among the most expensive homes sold at auction. In 2022, Concierge sold a property in the Los Angeles area at auction for $141 million.
Concierge auctioned La Dune in partnership with Harald Grant of Sotheby's International Realty, Tim Davis of The Corcoran Group and Cody Vichinsky, president and founding partner of Bespoke Real Estate.
The sale is pending bankruptcy court approval.
