Billionaire sells his smaller Hamptons property for $42.5M

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Pure fuel billionaire Michael S. Smith and his spouse Iris have lastly offered their up to date Hamptons seaside home for near its final asking worth of $42.5 million, sources inform the Submit.

The couple made an excellent greater splash in 2016, once they paid $110 million for property on East Hampton’s Lily Pond Lane in an off-market deal.

The $42.5 million sale of their trendy residence at 263 Surfside Ave. in Bridgehampton, actual property sources add, was to a thriller purchaser in one other off-market deal.

The 7,360-square-foot, seven-bedroom residence was designed by Barnes Coy Architects. It options walnut and limestone flooring, industrial-style particulars and floor-to-ceiling home windows.

The property sits on 1.42 acres and comes with its personal personal walkway to the seaside. It additionally encompasses a pool, a pool home and an outside kitchen with a pizza oven and a bar — in addition to panoramic views of Sagaponack Pond (nicknamed Sagg Pond) and the Atlantic Ocean.

Three years in the past, Smith — who’s chairman and CEO of Freeport LNG Growth — paid $110 million for 3 Lily Pond Lane properties from hedge funder Scott Bommer of SAB Capital. On the time, it was the second-most-expensive buy on the East Finish, trailing solely activist-investor Barry Rosenstein‘s record-setting $147 million buy in East Hampton.

The Smiths additionally splashed out $30 million for a Tribeca penthouse in 2016 and $110 million for a Malibu seaside home simply final yr.

The Surfside Drive off-market sale was brokered by Eileen O’Neill of Douglas Elliman and Ryan Serhant of Nest Seekers.