Long Island’s most expensive home sale of 2023 belongs to Mylestone at Meadow Lane. This double-waterfront mansion with eleven bedrooms and an eight-acre estate has sold for $112.5 million. Originally listed for $175 million in 2021, the most recent asking price dropped to $135 million last year.
The home’s listing was exclusive to Bespoke Real Estate, which announced the sale on social media. One of the premier mansions on Long Island’s prestigious Billionaires Row, the Tudor-style home has roughly 500 feet of oceanfront with a private boardwalk. The property boasts unobstructed views of the Atlantic Ocean on one side and Shinnecock Bay on the other and features a private walk to deepwater dock access.
Potential purchasers were greeted with eleven bedrooms, twelve bathrooms, and an attached caretaker’s cottage. For those looking to host groups, the home also features a grand hall, a formal living room, and a luxurious dining hall that opens directly onto a grand patio with ocean views. These spaces and more solidify the home as an iconic fixture of Long Island real estate.
2023 has been a less active year for home sales over the $100 million mark, following a Covid-era trend that saw prices swell on the East End. In 2023, however, all of the ten highest-priced home sales happened in Suffolk County. At the bottom of the list was a sale for $28.1 million, and four sales matched or exceeded the $50 million mark.
“The pandemic era was this turning point where the top of the market was revalued. It was restructured. That was consistent with this longer-term trend of greater wealth at the top of the hierarchy. Now it’s being reflected in housing prices,” said Jonathan Miller, CEO of the Manhattan appraisal firm Miller Samuel. “This phenomenon nationally began in about 2014, so this is the 10th year of elevated sales activity at higher price points than we’d ever seen before.”
While top sales are significant, the overall trend for 2023 was slow in response to rising interest rates and fewer listings. Despite the fact that many buyers in the Hamptons don’t require mortgages, higher interest rates often affect larger corporate profits that drive the Hamptons real estate market.
Before losing the top spot to Mylestone at Meadow Lane, the highest sale belonged to a Hamptons oceanfront compound that had sold in January for $91.5 million in an off-market deal. Other notable sales include an East Hampton property known as Lasata, bought in August by designer Tom Ford for $52 million, as well as another East Hampton property purchased in May for $51 million.
The house next door to Mylestone at Meadow Lane had been the most expensive sale back in 2020. At the time, it was sold by Calvin Klein to billionaire Ken Griffin for $84 million. While significant, the sale of Mylestone at Meadow Lane does not approach history’s most expensive Hamptons sales. That distinction still belongs to Barry Rosenstein’s $147 million purchase of three contiguous properties back in 2014.
