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Press Release - July 27, 2018

East Hampton Estate Brings $4.62 Million At Heritage Auctions

Fourteen highly qualified bidders pursued spectacular Long Island getaway

EAST HAMPTON, New York (July 27, 2018) — A stunning estate in East Hampton, New York, sold for $4.62 million in Heritage Auctions' no-reserve auction July 24.

"The auction room was full of qualified buyers, each of whom wanted a chance to acquire this extraordinary property," Heritage Auctions Luxury Real Estate Director Nate Schar said. "Homes in East Hampton always are in high demand, and the excitement in the room was palpable.

Just a short walk from the village of East Hampton and the Atlantic Ocean, the five-bedroom, six-bathroom home at 15 Pondview Lane, is ideal for entertaining, with luxurious living and dining areas, and with a sparkling swimming pool in the back yard. Built in 1977, the home boasts more than 5,000 square feet of living space, with three living areas, four fireplaces, a formal dining room, eat-in kitchen and a breakfast room.

While the market for luxury homes in the Hamptons tends to move at its own pace, the Heritage team was able to sell the home within 60 days of listing and 28 days of advertising. Bids were received from bidders from across the country and internationally.

"The winning bidder landed an exceptional home in a prized location, the perfect getaway for those who live in New York City," Schar said. "We had more than a dozen qualified bidders for this property. Our clients' knowledge and appreciation for spectacular real estate was reflected in the number of buyers who showed up and the final price of the home."

The $4.62 million selling price gave the house the second-highest price per acre in the area in the last two years (including all properties sold within a 1/4-mile radius of the property).

Heritage Auctions is the largest fine art and collectibles auction house founded in the United States, and the world's largest collectibles auctioneer. Heritage maintains offices in New York, Dallas, Beverly Hills, San Francisco, Chicago, Palm Beach, London, Paris, Geneva, Amsterdam and Hong Kong.

The Internet's most popular auction-house website, HA.com, has over one million registered bidder-members and searchable free archives of four million past auction records with prices realized, descriptions and enlargeable photos. Reproduction rights routinely granted to media for photo credit.

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It is amazing how in such a short time your team was able to promote the property on a worldwide scale and generate so much interest resulting in numerous viewings and a market value sale at the auction. From the very beginning we were extremely impressed with the strategic planning, marketing and promotional capabilities of Heritage Auctions.
Tom and Gail Balousek,
Houston, TX
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