Serial Hamptons house flipper and hedge fund manager Scott Bommer is selling his three Lily Pond Lane properties, and he’s getting $110 million for them in an off-market deal.
Bommer, of SAB Capital, is reportedly in contract to sell the properties. If it closes, it will be the second most expensive purchase in the Hamptons on record and the fifth most expensive residential purchase in the country.
The most expensive Hamptons transaction was activist investor Barry Rosenstein’s $147 million purchase of an 18-acre East Hampton property.
Compass’ Ed Petrie brokered the deal, the New York Post reported.
In 2014, Bommer bought 93 Lily Pond Lane, 101 Lily Pond Lane and 97 Lily Pond Lane for $93.9 million. Bommer bought the three properties from two different owners. Telecommunications executive Allen Salmasi sold him one plot while financier Maurice Cunniffe sold him the other properties.
Spread across 6.4 acres, the three properties include 284 feet of oceanfront, and a one-story, 4,500-square-foot, five-bedroom home built in the traditional Hamptons shingled style.
The deal comes after the news that Bommer, who had $1.1 billion in assets at the end of 2014, would be giving back most of his investors’ money, the Post reported.
Bommer has flipped properties in the Hamptons before. In October 2014, he finally sold a historic oceanfront estate in Southampton for $16 million. Earlier that year, he sold another Southampton estate — called Wooldon Manor — for more than $80 million just a year after buying it for $75 million. [NYP] — Dusica Sue Malesevic
Source: The Real Deal