June 29, 2022

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In the Hamptons, a $48 Million Home Sells Ahead of It Hits the Sector

The previous Hamptons property of the late

Johnson & Johnson

main government

James Burke

has marketed for near to its $48 million asking price tag, in accordance to men and women acquainted with the problem.

The approximately 4-acre oceanfront estate in Sagaponack, N.Y., consists of two unique parcels, according to listing agent Christopher Covert of Compass. Just one is an oversize oceanfront whole lot with two 1980s-period properties linked by a breezeway, as perfectly as a separate, vacant website throughout the street, he said. The buyer could build a about 7,000-sq.-foot household as nicely as a pool and tennis court docket on the vacant parcel, according to a particular person familiar with the residence.

The home involves a double oceanfront lot with two houses, as well as a vacant parcel of land throughout the road.



Photo:

Harris Allen/Compass

Mr. Covert declined to comment on the id of the customer, who was represented by Hedgerow Unique Houses.

Mr. Covert stated the home offered in the “pre-marketing” phase, ahead of he had listed it on

Zillow

or the community multiple listings provider, noting that the pace of the transaction displays desire for distinctive oceanfront options.

“This bought before we were being equipped to provide it to industry,” he reported. “We’ve found unprecedented demand from customers and historic very low inventory, primarily for top quality qualities.”

The sale is the latest in a string of significant transactions in Sagaponack, in accordance to neighborhood agents. Yet another close by property marketed for $50 million previously this yr, information show.

Mr. Covert stated he couldn’t speak to the purchaser’s programs for the Burke property, but that it is prevalent for more mature Hamptons homes like these to be torn down to make way for far more contemporary households.

Mr. Burke was chairman and CEO of pharmaceutical giant Johnson & Johnson for 13 a long time, beginning in 1976. Adhering to his retirement, he served as chairman of the nonprofit formerly acknowledged as Partnership for a Drug-Totally free The united states. He died in 2012. His wife, Didi Burke, died last year.

Ms. Burke’s youngsters couldn’t instantly be reached for comment.

Mr. Covert labored on the offer with colleague Chris Coleman.

Compose to Katherine Clarke at [email protected]

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