Sagaponack Land

By CHRISTINA S.N. LEWIS, The Wall Street Journal
July 20, 2007; Page W8

Eight Hamptons Lots

New York attorney and real-estate investor Alan Schnurman has just gotten approval to sell eight lots in a Hamptons subdivision, 41 acres in all, for $64.5 million — about 2½ times what he paid two years ago.

In 2005, the 62-year-old personal-injury lawyer paid $25 million for the farmland, in Sagaponack about a quarter-mile from the ocean. Authorities approved the division last month, says co-listing agent Neil Bersin of Prudential Douglas Elliman. The lots lie just west of one of the largest homes in the country, the 100,000-square-foot mansion owned by investor Ira Rennert.

In May, Mr. Schnurman sold six lots on 26 acres in Bridgehampton to a real-estate developer for the $37.5 million asking price. He’d paid $12 million in 2005, he says. That buyer is now trying to sell the lots for nearly $50 million.

[tags]Beachamptons, Beach properties, Hamptons,  sagaponack sales figures[/tags]