The Southampton Home of Ted Forstmann Sells for $24 Million


1370547976The Southampton, N.Y., home of the late Ted Forstmann, a private-equity pioneer, has sold for $24 million.

The 8,600-square-foot home was originally listed for $34 million in March 2012, before being reduced to $31 million and then $28.5 million. The traditional-style mansion has six bedrooms, 6½ bathrooms, a media room and a gym.

The nearly 5-acre oceanfront property includes an ocean-side pool, two hot tubs and a tennis court, and is adjacent to 6 acres of land trust, which cannot be built on. Mr. Forstmann hosted his well-known "Huggy Bear" charity tennis tournament at the home.

Mr. Forstmann, who died in November 2011, bought the property in the mid-1980s and acquired additional land before undertaking a renovation that was completed in 2000, says listing agent Tim Davis of the Corcoran Group.

The buyers are an "established New York couple" not in the banking business, Mr. Davis says. Linda Nasta, also of Corcoran, represented the buyer.

The estate of Mr. Forstmann also sold his New York City co-op on East 70th Street last year for $40 million, which was 11% over the asking price.