In an off-market sale, Ron Lauder, an heir to the Estée Lauder fortune, sold his 30-acre Wainscott estate for $56 million. The estate sold for less than Lauder paid for it three years ago.
In 2021, the price tag was $66 million for the residence with four bedrooms, a guest and pool house, tennis and pickleball courts, a heated pool, and a detached garage.
This isn’t a typical Hamptons deal. The estate didn’t pass from one billionaire to another, and the purchaser wasn’t attempting to buy a luxury vacation home with ocean views.
Instead, the town of East Hampton purchased the estate to preserve it.
Not the Usual Hamptons Purchaser
Using its Community Preservation Fund, it made the most expensive purchase since the fund started in 1998.
The town has plans to keep the land from being further developed and preserve the open space that surrounds the 6,000-square-foot main house. Officials hail the property purchase as a big win for conservation and water quality.
The founding partner of Bespoke Real Estate, Cody Vichinsky, brokered the deal for both sides.
In a statement to The Post, Vichinsky said, “These types of acquisitions are important to the preservation of the beautiful landscapes that make the Hamptons the iconic destination that it is. We are grateful to be able to facilitate transactions like this ensuring that these landscapes are preserved in perpetuity for future generations to enjoy.”
The Town’s Plans
Over recent years, the preservation fund has grown substantially as it collects 2% of revenue from property sales. Due to the property boom during the pandemic, the fund has been flush with cash. The town board had to hold a public hearing about the sale before it could proceed.
A third of Wainscott Pond’s shoreline is included in the acquisition. The state of New York designated the water body impaired due to harmful algae blooms that threaten its ecosystem. According to the Gobler Laboratory at Stony Brook, Wainscott Pond is the most consistently affected by algae blooms in East Hampton.
Plans are now in motion to assess the pond now that it is under the town’s ownership. The city will implement upgraded sanitation systems, stormwater controls, and buffer zones to curb pollution. The estate’s grounds span 30 acres, including meadows, woodlands, and vast views of Wainscott Pond and the Atlantic Ocean.
The land also is home to diverse wildlife and plant species, including white-tailed deer, wild turkeys, and great blue herons.
The property was once a farm that dates back to 1648 and was owned by the Osborn family.
The Town Is Grateful to Lauder
Lauder’s decision to sell the estate is not surprising. He is committed to preserving the land and originally bought the estate to prevent land development.
In an announcement, the town said, “This remarkable 30-acre parcel has long been recognized as a key asset in preserving the community’s character and natural beauty.”
The announcement also praised Lauder for agreeing to sell the property to the town.
“His willingness to consider selling the parcel to the town for considerably below fair market value exemplifies a profound commitment to land preservation. This property, featuring stunning views of Wainscott Pond, is included in the Town’s Community Preservation Fund project plan and is situated within several protected districts, including the Agricultural Overlay District and the Harbor Protection Overlay District. The acquisition will help safeguard vital wetlands and maintain the area’s ecological integrity.”
Lauder also sold the Rockefeller Guest House in Manhattan last year for a little less than $20 million in another off-market deal.
