Once Asking $95 Million, Stewart Rahr's Waterfront Hamptons Estate Slated to Finally Sell

[mahatmakanejeeves]

The local public library reopened last week. I went down there yesterday and got to hold a broadsheet newspaper in my hands for the first time in months.

The Manor Global insert was included in Saturday's The Wall Street Journal.

Hat tip for this story, WINS, this morning

NEW YORK

Once Asking $95 Million, Stewart Rahr’s Waterfront Hamptons Estate Slated To Finally Sell

After six years, a buyer has agreed to pay roughly $50 million for the sprawling Wainscott property in one of the most expensive deals in the East End this year

BY KATHERINE CLARKE | ORIGINALLY PUBLISHED ON MARCH 19, 2021 | THE WALL STREET JOURNAL



This sprawling Hamptons estate owned by Stewart Rahr, a billionaire former pharmaceuticals entrepreneur, is in contract to sell for close to $50 million.
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A sprawling Hamptons estate owned by Stewart Rahr, a billionaire former pharmaceuticals entrepreneur and self-proclaimed No. 1 King of All Fun, is in contract to sell for around $50 million, according to a person familiar with the deal. ... Mr. Rahr, a self-described party animal known for his cigar smoking and who refers to himself as"Rah Rah," first listed the home in 2015 for $95 million. The property has since undergone several price cuts and was most recently listed for $56 million. The deal is one of the priciest inked in the Hamptons in the past year. ... Mr. Rahr could not immediately be reached for comment. A longtime associate of President Donald Trump who is constantly photographed with celebrities, Mr. Rahr is the former owner of pharmaceutical wholesaler Kinray, which he sold in 2010 for $1.3 billion.

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The shingled, gambrel-roofed Wainscott property, known as Burnt Point, spans over 25 acres on a private peninsula with over 2,000 feet of waterfront, views of Georgica Pond and the Atlantic Ocean and includes a private dock, a tennis court, a four-car garage and a waterside pool with a spa, according to the listing. The house itself is about 25,000 square feet with eight bedrooms. It was designed by the architect Francis Fleetwood and completed around 2000.The shingled, gambrel-roofed Wainscott property, known as Burnt Point, spans over 25 acres on a private peninsula with over 2,000 feet of waterfront, views of Georgica Pond and the Atlantic Ocean and includes a private dock, a tennis court, a four-car garage and a waterside pool with a spa, according to the listing. The house itself is about 25,000 square feet with eight bedrooms. It was designed by the architect Francis Fleetwood and completed around 2000.

Stone and wrought iron gates open to a half-mile long driveway, which leads to a covered porte cochere at the entrance to the house. Inside, the property has 200-year-old antique oak flooring, open arched doorways, stone fireplaces and distinctive millwork, according to the listing. There is a wine cellar, a billiards room, a screening room and a gym. A Cotswold stone breezeway leads to a separate guest wing.

Joseph De Sane, the managing director of Bespoke Real Estate, the company that handled the listing, declined to comment on the exact price or the identity of the buyer, saying only that he was "grateful for the opportunity to have facilitated this transaction." ... Mr. Rahr bought the property in 2005 for roughly $40 million, records show. ... The property isn’t the only major Hamptons estate to sell in recent weeks. The longtime Hamptons home of Life Savers candy heiress June Noble Smith Larkin Gibson, whose father Edward J. Noble was a founder of the candy company, is also in contract, according to a person familiar with that deal. It first came on the market for $72 million last year.

[hlthe2b]

1. Definitely doesn't look worth a penny more than they paid. Location, though, I guess

Once one gets in the tens of millions of $$, I really don't think any of them are worth it, even if you had it.

[PatrickforB]

2. This represents the excesses that spring from Republican tax policies.

Maybe I am abnormal, but when I look at a place like this, I shake my head and think 'Rah Rah' and the other parasites need to be subjected to at least a 75% tax rate, with capital gains taxed at regular rates, and a 2% wealth tax, as well as a full reinstatement of the 'death tax,' which would confiscate wealth >$5 million.

Seriously.

What human being ever needs this much?

Oh...I forgot. He's a job creator. But, wait...the average earnings for a all workers in the three industry groups that can be called pharmaceutical $161,600.

[peppertree]

3. True. And while we've made a lot of progress, ours has always been a culture of winner-takes-all.

No one knows why exactly.

Our colonial origins? (Latin America has the same problem, and worse - just ask Narco Rubio and Cancun Cruz, who are very much of that mindset)

Generations of propaganda? (Horatio Alger, etc.)

The U.S. astral chart? (astrologers think so)

All of the above? No one really knows.

What we do know, is that obscene, 3rd world style differences between the 1% and everyone else don't work.

It breeds unhappiness (average people feel poorer than they may really be), it's self-perpetuating (money makes money, leaving other further behind), and it threatens democracy itself (if you can buy politicians, you get to write the laws).

Will it ever really change? Probably not - but with sensible tax policy and regulations, we can keep it from getting worse.