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“La Dune,” one of the most expensive properties ever listed in the Hamptons, summoned a winning $88.48 million bid at auction on Wednesday, Jan. 24.
The most valuable property ever auctioned live at Sotheby’s, the auction for the 4.2-acre oceanfront compound took place at the first-ever Sotheby’s Art and Real Estate Auction.
The estate at 366 and 376 Gin Lane, technically two separate lots, was offered individually or collectively, but a single bidder bought both properties. No word yet on who the buyer is.
“The remarkable final sale price for ‘La Dune’ reflects its stunning design, exclusive address, and historic pedigree,” said Chad Roffers, founder and CEO of Sotheby’s Concierge Auctions. “It’s a result that our team, as the world’s leading luxury property auctioneer, is best positioned to obtain. We deal in real market value, which is ultimately measured by what a group of qualified bidders are willing to pay for a unique, one-of-a-kind piece of real estate like ‘La Dune.'”
The estate had been on and off the market several times since 2016 and was asking as much as $150 million.
The figure of $88.48 million includes a 12% buyer’s premium that goes to the auctioneers and the real estate brokers who marketed it. Without the buyers’ premium, the sale price is $79 million.
Sotheby’s Concierge Auctions sold the properties in partnership with Harald Grant of Sotheby’s International Realty, Tim Davis of The Corcoran Group, and Cody Vichinsky, president and founding partner of Bespoke Real Estate.
Seven bidders, located in North America and the Caribbean, were looking to purchase the property, according to a statement from Sotheby’s.
“I am pleased to have partnered with Sotheby’s Concierge Auctions on yesterday’s sale of the iconic ‘La Dune’ residence,” stated Harald Grant. “This extraordinary oceanfront compound represents one of the finest offerings in the Hamptons; it is no surprise that this auction resulted in a record sale.”
Together, the properties offer 405 feet of ocean frontage. The classic shingle house at 376 Gin Lane, originally built in the 1800s by the famed architect Stanford White, boasts direct access to the beach from a private deck along the dunes. Some eagle-eyed movie buffs may remember from the 1978 Woody Allen drama Interiors.
A guest cottage on the property was demolished about 20 years ago and replaced in 2001 with a new home at 366 Gin Lane, directly west, that matches the craftsmanship of the first thanks to the design of François Catroux.
There is approximately 22,000 square feet of space with a whopping 19 bedrooms and 16 full bathrooms.
The property has been at the center of financial problems in recent years. Louise Blouin, the Canadian art magazine publisher, is the current owner, though the houses have been part of bankruptcy proceedings.
The pending sale will go before a bankruptcy judge next month for approval.
Bidding began with “no reserve” on Jan. 10 and bidders were required to put down a $500,000 deposit.
The Hamptons estate was auctioned live alongside art and luxury at Sotheby’s as part of “Visions of America,” a week-long auction and event series showcasing the heights of American craftsmanship in the finest art and objects, and streamed live from its esteemed New York saleroom on conciergeauctions.com and sothebys.com.
There were nearly 100 in attendance, including those on the telephone with a team of specialists and online.
In total, $808.25 million in aggregate bids were placed for all of the real estate up at auction.
A property in Wellington, Florida, was also auctioned during the same event for $5.04 million in partnership with David Norman of ONE Sotheby’s International Realty.
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Feature
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Traditional Listing
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Real Estate Auction via BidHom
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Time on Market
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45–90 days (avg.)
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7–30 days
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Price Negotiation
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Back-and-forth; unpredictable
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Competitive bidding sets price
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Marketing Strategy
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Passive or local
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National + targeted
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Buyer Pool
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Local and slow-moving
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Motivated, pre-qualified
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Closing Timeframe
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Varies, often 30+ days
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Pre-set; usually within 15 days
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Transparency
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Limited
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Full visibility into bidding
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Deciding how to sell your farmland is one of the most significant financial decisions you'll make as a landowner. With multiple methods available and each offering distinct advantages, understanding your options is crucial for maximizing your property's value. As agricultural real estate specialists at Whitaker Marketing Group, we've guided countless landowners through this necessary decision process. Let's explore the key considerations to help you determine whether listing or auctioning your farm is the right choice for your specific situation.
Understanding Your Selling Options
Wondering whether to list or auction your farm? It's a substantial decision that can significantly impact your bottom line. Each approach has its own strengths and attracts different buyers depending on your property type, location, ownership history, time constraints, and reasons for selling.
Traditional Listing: The Conventional Approach
Traditional listing remains the most common approach to selling land nationwide. This method sets an asking price and opens the door for negotiations with potential buyers. When you choose a traditional listing with experienced agricultural brokers, your property stays visible longer, reaching buyers using 1031 exchanges or those who need financing. This approach offers a flexible timeline, allowing you to take your time reviewing offers and negotiating better terms while maintaining greater influence over sale conditions.
However, traditional listings may take longer to complete, particularly in today's market with a potentially smaller buyer pool. Property values could also fluctuate during the listing period, sometimes resulting in a lower final price than initially anticipated.
Traditional listings are typically best suited for properties that have recently been on the market, recreational land, farms with improvements or restrictions, properties with development potential, or parcels that aren't easily subdivided.
Off-Market Listing: The Discreet Option
Off-market sales happen without publicly listing your property, offering a more discreet selling approach. This method provides maximum confidentiality throughout the transaction process and allows for direct negotiations with carefully selected, qualified prospects. Off-market listings are perfect for sellers wanting leaseback options to continue farming the land after sale and allow for close collaboration to enhance your property's value before selling.
The challenges with off-market listings include reduced visibility that might prevent your property from achieving its full market potential due to limited exposure, a smaller pool of interested buyers that might extend your selling timeline, and more difficulty establishing accurate market value.
Public Auctions: Creating Competition
Auctions have gained significant popularity for land sales, particularly for tillable farmland throughout the Midwest. The competitive environment helps establish genuine market value and creates faster sales with specific deadlines and schedules. Auction environments foster competition where multiple bidders can drive prices higher while providing all potential buyers identical opportunities to participate under the same conditions.
Traditional in-person auctions work exceptionally well for premium farmland, properties attracting multiple interested parties, and estate and trust sales. The main challenges include less predictability of the final sale price until auction day and the potential risk of selling below expectations if market positioning isn't optimal.
Online auctions offer comparable benefits to traditional auctions but take place in a digital format, making them particularly well-suited for smaller parcels, recreational properties, and land with development potential.
Sealed Bid Auction: The Confidential Approach
Sealed bid auctions offer several unique advantages, including privacy protection that keeps all offer amounts confidential between parties. This format motivates buyers to submit their best offers from the start and can accommodate special conditions like financing requirements or extended closing periods.
While sealed bid auctions may not generate the same energy and price escalation as public auctions and offer fewer opportunities to negotiate after bids are submitted, they work exceptionally well for specialty properties, farms with improvements, and larger tracts of land.
Comparing Key Elements Across Selling Methods
When evaluating which method is right for your specific property, consider these critical differences:
Visibility and Audience: Traditional listings, traditional auctions, online auctions, and sealed bid auctions all offer public visibility and the widest possible buyer audience. Off-market listings provide private visibility with a targeted, highly qualified audience.
Confidentiality: Off-market listings offer the highest level of confidentiality, while sealed bid auctions provide medium confidentiality. Traditional auctions and online auctions offer medium-low confidentiality, and traditional listings typically have the lowest confidentiality.
Marketing Approach: Most methods utilize professional photos and videos, standard marketing brochures, e-blasts, website listings, MLS, social media, mailers, and postcards. Only traditional listings advertise the price, and off-market listings typically have more limited marketing.
Process Differences: All methods include understanding client goals and property assessment, gathering standard due diligence items, and working toward a successful closing. Off-market listings uniquely offer asset optimization before sale, controlled access diligence portals, and buyer interview processes.
Finding Your Best Path Forward
There's no universal approach to selling farmland. Every property and seller has unique circumstances. As your land professional at Whitaker Marketing Group, we're dedicated to guiding you through this significant decision, drawing on extensive experience and resources to identify the solution that best matches your specific needs and objectives.
Whether you choose a traditional listing, off-market approach, public auction, online auction, or sealed bid process, having expert guidance can make all the difference in achieving the best possible outcome for your farmland sale.
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