Hedge Funder To Sell Lily Pond Lane Properties


SAB Capital hedge funder Scott Bommer is reportedly in contract to sell three properties on Lily Pond Lane in East Hampton for a whopping $110 million—not far from the nationwide record set in 2014 when another hedge fund manager, Barry Rosenstein, paid $147 million for another oceanfront property in East Hampton.

Mr. Bommer’s three contiguous properties—93 Lily Pond Lane, 101 Lily Pond Lane, and 97 Lily Pond Lane—total 6.4 acres, including 284 feet of oceanfront. Two properties contain houses, while the one at 97 Lily Pond Lane is vacant, a home there having been demolished in 2000. Mr. Bommer bought the three properties for a combined $93.9 million a little more than a year ago.

One year before that, he purchased Wooldon Manor on Gin Lane in Southampton from Vince Camuto, the late shoe designer, for $75 million. The hedge funder quickly went on to subdivide Wooldon Manor into a number of lots and sell them off, in two separate transactions, for more than $80 million.

In December 2015, two of the subdivided properties from one of the transactions were then sold together for $53 million.

The current East Hampton sale is reportedly being brokered by Ed Petrie, who did not respond to an email requesting confirmation. A spokesperson for Compass declined to comment on what would seem to be the brokerage’s largest sale since its very recent foray into the Hamptons.

The New York Post reported that David Tepper, another hedge funder, was rumored to be the buyer, but that he denied it, and also that potential buyers like Mr. Tepper would be put off by “new East End laws that hinder buyers’ abilities to tear down existing homes to build mega-monster complexes.”

According to East Hampton Village, there have been no recent applications to the Zoning Board of Appeals for the Lily Pond Lane expanse, although certificates of occupancy for the two properties with houses were issued in recent weeks—the applicant being Mr. Petrie.

Facebook Comments