[ad_1]
Sotheby’s has finally found a buyer for former art publisher Louise Blouin’s stunning four-acre property on the eastern end of Long Island known as La Dune.
A large estate on Southampton’s famous Gin Lane sold for $88.48 million, with the larger house on the site valued at $40.5 million and the smaller house valued at $38.5 million, the auction house said. The remainder, equal to the standard 12 percent buyer’s premium, will be paid to Sotheby’s.
Sotheby’s is touting it as the most valuable property it has ever offered at live auction, with “global participation” of seven “real estate appraisers” from North America, including New York and Connecticut, and from the Caribbean. It noted interest from bidders. The winning bidder’s name was not disclosed, but a Sotheby’s representative confirmed that the same buyer purchased both parcels.
Blouin has offered up to $150 million for La Dune in the past, and this week’s sale marks a significant drop.in In spring 2022, the Canadian art magazine publisher filed for foreclosure by forcing 366 Gin Lane, one of two waterfront homes on the property, into bankruptcy court just two days before its scheduled auction. ”, according to the paper’s report. real deal.
Interior view of La Dune. La Dune on Gin Lane, Southampton. Image courtesy of Concierge Auctions/Gavin Zeigler.
Bidders at yesterday’s auction were vetted and had to pay $500,000 in earnest money. The lowest bid for the “package,” meaning both parcels of land, was $66 million.
new york post Real estate writer Jennifer Gould found Rent the Runway co-founder Jenny Fleiss and investor Chris Brown in the room. They made direct bids and then dropped out and left well before the auction ended.
Gould said the auction ended for negotiations around 5:20 p.m. About two hours later, after the crowd of about 75 people had gradually begun to leave, “the auctioneer returned and announced a $79 million bid for the property.” Negotiations continued at 8:45 p.m.
by post:
The problem is that the lender, a privately owned company called Bay Point, must approve the auction sale, which is based on a previous bid for the compound that the seller had rejected thinking he could get a much higher sum. That means it is likely to be less than the proposed $90 million. According to officials, this property. Wednesday’s sale still needs approval from a bankruptcy judge in mid-February. Lenders still owe between $7 million and $15 million.
After observing the drama surrounding the winning bid, one bidder said: It will be made into a series on Netflix,” Gould said. The sale requires bankruptcy court approval in February.
La Dune on Gin Lane, Southampton. Image courtesy of Concierge Auctions/Gavin Zeigler.
Although Blouin herself is not publicly identified as La Dune’s most recent owner, it is widely known that she bought it for $13.5 million in the 1990s, according to the newspaper. post.
Like most of the art world, post has followed Blouin’s achievements for many years, and calls her the “Red Queen” due to her domineering ways. Ms. Blouin, who made headlines in the 2000s when she acquired several art publications, became famous for her erratic management style and failure to pay her writers and staff.
The La Dune property is being sold by Sotheby’s in partnership with Harald Grant of Sotheby’s International Realty, Tim Davis of The Corcoran Group, and Cody Byczynski, president and founding partner of Bespoke Real Estate. – Sold individually and in bulk through Concierge Auctions. Notably, this property was part of Sotheby’s “Vision of America.” The event is a week-long “celebration of American craftsmanship and culture filled with auctions, events, and experiences.”
Follow Artnet News on Facebook:
Want to stay ahead of the art world? Subscribe to our newsletter for the latest news, eye-opening interviews and incisive critical views that move the conversation forward.
[ad_2]
Source link
