Oceanfront estate in the Hamptons sells for $45 million - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 53 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 24%
  • Publisher: 51%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

An oceanfront compound in the Hamptons just sold for $45 million, marking the ritzy Long Island enclave's priciest deal this year

The sale comes during a time when the Hamptons' housing market is in a slump.

But its rental market is on the rise, as wealthy city dwellers flee to the region to escape coronavirus hotspots like New York City. The home, originally listed for $60 million last year, was previously owned by the late rail tycoon James H. Evans.An unidentified buyer just splashed out $45 million for a 6.7-acre oceanfront East Hampton property. According to the, this marks the Hamptons' biggest sale closed so far this year.

The deal comes at a time when the Hamptons' housing market is in a slump, but its rental market is on the rise, as people fled big cities to suburbia amid the coronavirus pandemic. But according to the Journal, the home was in contract before the pandemic began overtaking the news cycle. The property originally hit the market last summer with an asking price of $60 million. It was built by James H. Evans, former chairman of the railway company Union Pacific,On April 10, the Wall Street Journal reported that an unidentified buyer paid $45 million for an oceanfront home in East Hampton.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

How a couple turned their side hustle into a million-dollar business - Business InsiderStacey and Paul Martino used online marketing to draw in potential clients who were struggling with divorce and other relationship issues. Florida's beaches allowed to open at local leaders' discretion. Department of Health has reported more than 25,000 coronavirus cases and 740 deaths.COVID19
Source: BusinessInsider - 🏆 729. / 51 Read more »

Top selling Air Jordans on eBay include Space Jam, Royals, Chicago - Business InsiderThe Air Jordan Bred 11 sold out of its pre-release drop on eBay in less than four minutes, making it the best selling Air Jordan on the platform.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Nintendo plans to produce 22 million Switch devices to address supply shortages - Business InsiderNintendo is increasing production of its popular Switch console to keep up with the surge in demand.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Robinhood closes in on $250 million funding round as demand for digital investment spikes - Business InsiderRobinhood is raising fresh funds, likely worth between $200 million and $250 million, thanks to a spike in demand for digital investment platforms.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Airbnb employees chipped in $1 million to help hosts - Business InsiderAirbnb employees chipped in $1 million from their own pockets to help economically devastated hosts, and that says something beautiful, and scary Wow, these guys are impressively devoted to their business So nice when people have the passion and courage to save a drowning situation for the better helping to stay afloat those involved and in positive need Small carrot now that they’ve beaten the rental market with a stick.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Sweden says leaving businesses open might be working - Business InsiderSweden left schools, bars, restaurants, and gyms open during the coronavirus pandemic. Experts say the strategy might be working. Sweden has more deaths per capita than the next 5 countries - what are you smoking ? PM Modi SAID I respectfully bow to the people of India... COVIDー19 lockdown coronavirus PM Modi SAID I respectfully bow to the people of India... COVIDー19 lockdown coronavirus
Source: BusinessInsider - 🏆 729. / 51 Read more »