 160 Ox Pasture Road |
An 18,000-square-foot mansion on nine acres in Southampton hit the market last year priced at $67.5 million, a jaw-dropping number even in the tony New York enclave.
And maybe $67.5 million wasn’t out of whack in those heady days of the summer of 2008. The 12-bedroom, 12.5-bath mansion, owned by Juergen Friedrich, the former head of the European division of Espirit sportswear, includes a 3,000-square-foot master bedroom, indoor and outdoor pools, basketball court and gym.
But times have changed. Now the estate is listed at $49.5 million, priced to move, a symbol that even owners in the Hamptons have been forced to rethink their expectations.
The property is on Ox Pasture Road, one of the most expensive stretches of residential property in the country. Prices soared into the realm of sheiks and royalty in the early decade. While prices are not exactly back to Earth, recent sales reflect a new reality for the exclusive enclave.
In June, hedge fund manager John Paulson sold a three-acre Ox Pasture property for $9,977,500, after originally listing the property at $19.5 million. He paid $12.75 million in 2006, according to published reports.
In September, a 14-acre Ox Pasture estate owned by late financier Howard Gittes sold for $45 million, down from the $59 million asking price of 2007. But Gittes reportedly paid only $9 million for the property in 1993.
 Friedrich estate |
The 9-acre Friedrich property last sold for $8.5 million in 2002, according to Zillow records. But Friedrich reportedly spent “tens of millions” fixing up the property, which was originally built in 1915 by architect Grosvenor Atterbury, according to the listing. New amenities include a media room, sauna and an “Evian quality” water filtration system.
At $49.5 million the estate may be a steal. However, buyers beware, the property is not on the Hamptons’ famous waterfront.
