Most costly residence ever offered within the Hamptons is purchased by Ukrainian-born billionaire for $115m
The most expensive home ever sold in the Hamptons went for $115 million and was purchased by a Ukrainian-born billionaire.
The sale to Len Blavatnik, who is now a duel British-American citizen worth $29.1 billion, went through on July 31, with the deed transfer first being reported by Behind The Hedges last week.
The mansion sits on 8.5 acres of land in Amagansett, a town on the south shore of Long Island that is about 13 miles away from Montauk.
The home boasts waterfront access, a large outdoor pool, and an incredibly long driveway lined with trees for maximum privacy.
It is one of the last estates of its kind on Further Lane, one of the most coveted and most expensive streets in the United States.
That’s why the home commanded such a high price, according to a local luxury real estate broker that spoke to the New York Post.
The previous owner was Terry Semel, who served as chairman and CEO at both Yahoo and Warner Bros.
Semel bought the property in 2005 through an LLC, paying Blackstone founder Stephen A. Schwarzman $43 million for it, which was $1 million above the asking price.
The Hamptons home that was bought by a Ukrainian-born billionaire for $115 million. It is on a monied street in Amagansett
Len Blavatnik, a British-American businessman worth $29.1 billion, bought the home in July. He is the majority owner of Warner Music Group
The lengthy plot is one of the last that was available on Further Road. It last sold for $43 million in 2005
At the time, the Post reported that there was a five bedroom cottage on the property that was closer to the road than the main residence. That cottage now serves as a guesthouse.
Blavatnik, the new owner, holds a majority stake in Warner Music Group. His net worth makes him the 59th richest person in the world, according to Forbes.
Blavatnik’s fortune largely came from his investment in a Russian oil company that paid him billions in stock dividends.
He later purchased Warner Music Group in 2011, then took the company public in June 2020.
Blavatnik and his wife, Emily Appelson, already own a property on Further Lane and an oceanfront mansion on Dune Road in Bridgehampton.
The couple’s new neighbors include art dealer Larry Gagosian, Lorne Michaels and Jerry Seinfeld.
Blavatnik’s home purchase is the first deal worth over $100 million in the Hamptons in about two years.
The most expensive home to be sold in the Hamptons before this was a 42-acre Watermill estate for $105 million in 2021.
