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Forbes

Jeff Greene Is Now Proud Owner of 55-Acre Hamptons Estate

By: Luisa Kroll
Published: 5/4/2011Source: Forbes

Jeff Greene completed his purchase of a sprawling Hamptons estate on Tuesday.  The property known as Tyndal Point is located at 400 North Ferry Road on the northern tip of a peninsula that looks across at the shorelines of Shelter Island, Sag Harbor and East Hampton’s Northwest Harbor.  It includes 55 acres, three legal docks, a private lagoon and five separate houses, “lots of little buildings,” says Greene.

 

The billionaire would not confirm the purchase price, citing a confidentiality agreement but he did say the $41 million reported in the New York Post last week was incorrect. The property had initially been listed for $80 million in 2006 with Prudential. Most recently it was listed with Corcoran at $44.99 million.

 

Corcoran’s site talks about how the property was very close to final approvals to subdivide its 55 Acres into 6 lots, but that became unnecessary once Greene decided to buy the property for his young family.  Greene is not new to the Hamptons, having spent recent summers living on his yacht 145-foot yacht Summerwind docked in Sag Harbor. It was in the Hamptons that he met his now wife Mei Sze Chan; they wed in 2007, the first marriage for both.

 

A house on land suits their lifestyle better now. They have a young son and are expecting another child in September. Greene says he eventually plans to knock down some of the buildings and erect a “proper home” for him and his family, but that he might not do it right away.

 

The estate was Greene’s second purchase in New York in recent months.  He also picked up a 43,000 square foot loft in Soho, at 62 Wooster St., for $26 million. The property got a lot of press a few years back when it announced plans to build several swimming pools on its roof but the property went into foreclosure last year.  Don’t expect Greene to stick to that original plan, calling “six pools crazy.” Right now, he’ll use part of the building for an apartment for him and his family and will develop the rest.  

 

Greene became a billionaire by buying credit default swaps on subprime mortgage-backed bonds as housing crashed. In the past year he has spent $75 million on property outside of New York including 270 condos in Florida’s Coconut Creek. He also spent $24 million of his own money on a failed Senate campaign, the same amount he paid in December 2009 for Malcolm Glazer’s Palm Beach mansion down the street from Donald Trump’s Mar-A-Lago. 

 

Here is a video of the real estate agent giving a tour of the property:

http://www.facebook.com/video/video.php?v=194294427257154 

 

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