Seven bidders vied to own the exclusive Gin Lane address in Southampton during groundbreaking live auction at Sotheby’s New York
From the esteemed Sotheby's New York saleroom, 'La Dune,' highly revered as one of the Hamptons' most iconic estates, achieved a record-breaking $88.48 million — representing the most valuable property ever auctioned live at Sotheby's.
Once the most expensive listing ever in the Southampton area of Long Island, New York and encompassing two remarkable residences on over four acres, 366 & 376 Gin Lane was offered individually and collectively via Sotheby’s Concierge Auctions in partnership with Harald Grant of Sotheby's International Realty, et al.
The monumental estate was auctioned live alongside art and luxury at Sotheby’s as part of 'Visions of America', a week-long auction and event series showcasing the heights of American craftsmanship in the finest art and objects, and streamed live from its esteemed New York saleroom on conciergeauctions.com and sothebys.com. With an audience of nearly 100 in attendance, bidders competed in the room, on the telephone via a team of specialists, and online.
A property in Wellington, Florida, known as the equestrian capital of the world, auctioned during the same event for $5.04 million in partnership with David Norman of ONE Sotheby's International Realty.
Notably, the 'white glove' sale saw all lots sold, with $808.25 million in total aggregate bids placed. The event was conducted by Sotheby’s Concierge Auctions' head auctioneer, Frank Trunzo.
‘La Dune’ Sale Highlights
- Both properties sold to a single bidder.
- Most valuable property ever auctioned live at Sotheby’s.
- Global participation from seven property connoisseurs from North America and the Caribbean, including New York and Connecticut.
- Sale price represents a 121.2% increase from the winning bidder’s opening bid.
"The remarkable final sale price for 'La Dune’ reflects its stunning design, exclusive address, and historic pedigree," said Chad Roffers, founder and CEO of Sotheby’s Concierge Auctions. "It’s a result that our team, as the world’s leading luxury property auctioneer, is best positioned to obtain. We deal in real market value, which is ultimately measured by what a group of qualified bidders are willing to pay for a unique, one-of-a-kind piece of real estate like 'La Dune.'"
Renowned as the epitome of seaside luxury in the Hamptons, 'La Dune' is a masterpiece designed by renowned architect Stanford White, with unparalleled beach access and breathtaking ocean views. The main house offers more than 11,000 square feet including 10 bedrooms, eight bathrooms, and staff quarters. The second residence, a separate structure built in 2001 by the esteemed architect and French designer Francois Cartroux, was carefully created to mirror the style and proportions of the main house. Both residences share similar design elements and are equipped with gyms and saunas, while the second residence adds the home theater and billiards room to its list of amenities.
"I am pleased to have partnered with Sotheby's Concierge Auctions on yesterday’s sale of the iconic ‘La Dune’ residence,” stated Harald Grant. “This extraordinary oceanfront compound represents one of the finest offerings in the Hamptons; it is no surprise that this auction resulted in a record sale."
As part of Sotheby’s Concierge Auctions' Key for Key® giving program in partnership with Giveback Homes, the closings will result in funding towards building new homes for families in need.
