Oceanfront HamptonOceanfront Hampton



Gavin Zeigler


  • An unidentified buyer just bought an oceanside East Hampton property for $45 million.
  • 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.
  • Visit Business Insider’s homepage for more stories.

An unidentified buyer just splashed out $45 million for a 6.7-acre oceanfront East Hampton property. According to the Wall Street Journal’s Katherine Clarke, 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, who bought the site in 1986, Clarke reports.

Here’s a look inside the sprawling estate.

On April 10, the Wall Street Journal reported that an unidentified buyer paid $45 million for an oceanfront home in East Hampton.

Oceanfront Hampton



Gavin Zeigler


Business Insider previously reported that, though the Hamptons’ home sales market is in a slump, its rental market has soared amid the pandemic, as wealthy urbanites flee big cities for more remote areas.

According to the Journal, the home was in contract before the pandemic began overtaking the news cycle.

Source: Wall Street Journal

The home was previously owned by James H. Evans, former chairman of the railway company Union Pacific.

Oceanfront Hampton



Gavin Zeigler


The family originally listed the property last summer for $60 million, reportedly saying that they were selling because they had barely used the property since Evans died in 2015.

Source: Wall Street Journal

The home is located just off Further Lane, which is one of the ritziest neighborhoods in the Hamptons.

Oceanfront Hampton



Gavin Zeigler


Billionaire hedge fund manager Barry Rosenstein also has a home in the area. He purchased the estate in 2014 for $137 million, which set a record for the Hamptons.

Source: Wall Street Journal

The newly-sold $45 million home sits on 6.7-acres of land. It includes a 5,500-square-foot main house, with five bedrooms …

Oceanfront Hampton



Gavin Zeigler


Source: Wall Street Journal

… and six bathrooms.

Oceanfront Hampton



Gavin Zeigler


Source: Trulia

The property’s amenities include a heated swimming pool, a vaulted living room, and a dining room with its own oceanfront terrace.

Oceanfront Hampton



Gavin Zeigler


Source: Wall Street Journal

According to the property description, zoning would allow for the new owner to tear down the existing structures to build a new nearly 12,500-square-foot main residence on the oceanfront and an over 6,000-square-foot guest cottage inland.

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Oceanfront Hampton



Gavin Zeigler


Source: Trulia

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