The business world has not been especially kind to the music entrepreneur Robert Sillerman of Southampton lately, but it can be said the clouds parted and the sun shone through with the sale revealed this week of his Meadow Lane property to the tune of $38 million.
At one time Mr. Sillerman, a former chancellor of Southampton College (which late rose, phoenix-like, from the ashes to become Stony Brook Southampton), owned several parcels on that very desirable street in the village. His 2.4-acre estate at 1100 Meadow Lane sold this past January for the now-familiar figure of $38 million. Previously, he had unloaded the 3.6-acre 1116 Meadow Lane for, you guessed it … well, your guess was close, it went for $37.5 million. Now 1080 joins the ranks of former oceanfront Sillerman properties, with the buyer being the imaginatively named 1080 Meadow Lane LLC.
The one-story residence, built in 1994, is 8,309 square feet with six bedrooms and six baths and rests on 4.5 acres. As one can imagine, there is a pool and plenty of amenities, but of course the major attraction is having the Atlantic Ocean as an extended front yard. Wait, there is one other unique feature—a three-hole golf course.
A high point in Mr. Sillerman’s business career came in 2000, when he sold SFX Entertainment for $4.4 billion. With that in the kitty, he went on to start up new companies and pursue other opportunities, one of them being buying the majority rights to the Elvis Presley estate Graceland in Memphis. Mr. Sillerman revived SFX Entertainment four years ago to focus on electronic dance music. This effort included acquiring a number of dance music promotion companies, among them Made Event, React Presents, and Totem. Apparently, the recovering economy did not bring SFX Entertainment along with it, and the company filed for bankruptcy. Presumably, the fresh influx of $38 million will come in handy.
However, it probably does not help that one of Mr. Sillerman’s many philanthropic efforts is being a donor and fundraiser for the Democratic Party.