Hedge Fund Magnate Makes Second Big Hamptons Buy for $93.9 Million

Posted on Mar 25, 2014

Just months after his $75 million purchase of Wooldon Manor in Southampton—the most expensive Hamptons deal in 2013— Scott A. Bommer is in contract to buy three parcels in East Hampton for a total of $93.9 million.

When the sale closes, it will be one of the priciest deals ever in the Hamptons.

Mr. Bommer, the founder of hedge fund SAB Capital, has signed an agreement to purchase adjoining lots on Lily Pond Lane that total 6.2 acres, according to people familiar with the situation. Two of the lots—a nearly 2-acre oceanfront parcel with a large white house on it, and an adjacent vacant lot—are owned by financier Maurice Cunniffe of investment firm Vista Capital. According to public records, Mr. Cunniffe bought the oceanfront lot in 1993 for $3.3 million, and the adjacent parcel in 1996 for $3.5 million. Mr. Cunniffe didn’t respond to requests for comment.

The third parcel, measuring 2.8 acres, is owned by telecommunications executive Allen Salmasi, who purchased it in 2007 for $17.5 million, according to public documents. That property had been listed for $19.45 million and has a five-bedroom main house, a guesthouse and a pool, according to the listing. Mr. Salmasi couldn’t be reached for comment.

Last year, Mr. Bommer and his wife, Donya, paid $75 million to buy the 14.5-acre Wooldon Manor parcel from fashion designer Vince Camuto. When the East Hampton properties became available, Mr. Bommer decided to purchase them, according to people familiar with the situation. So he’s put Wooldon Manor back on the market for $98 million with Ed Petrie and Harald Grant of Sotheby’s International Realty, and The Corcoran Group’s Tim Davis.

Mr. Grant said a buyer could choose to purchase only part of the Wooldon Manor estate—the house and surrounding 5.2 acres are asking $48 million, while the four adjacent lots are priced at $15 million each.

Mr. Bommer and his wife have also set real-estate records in New York City. Their 2008 sale of an apartment at 1060 Fifth Avenue for $48.8 million was a record price for a New York City co-op at the time.

Submit a Comment

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>