The secret buyer of $110 million Hamptons property in an off-market deal is a Natural gas billionaire, Michael S. Smith, Page six has exclusively reported.
Smith, who is chairman and CEO of Freeport LNG Development, is about to close on three Lily Pond Lan aerial view of Lily Pond Lane. Photo: Doug Kuntzne properties sold by hedge funder Scott Bommer of SAB Capital. It is the second-most expensive purchase in the Hamptons — the first was activist-investor Barry Rosenstein’s $147 million purchase of an 18-acre East Hampton property.
The Lily Pond Lane sale will be the fifth-most expensive residential purchase in the country. Bommer bought the properties at 93 Lily Pond Lane, 101 Lily Pond Lane and 97 Lily Pond Lane for $93.9 million in 2014. The parcel includes a 4,500-square-foot, five-bedroom home, built in 1914 in the traditional Hamptons shingled style. The three properties, including 284 feet of oceanfront, are on 6.4 acres.
The sale comes on the heels of Bommer’s decision to give back most of his investors’ money after a 17-year run so he can focus on investing his own wealth. Bommer had $1.1 billion in assets at the end of 2014.READ ALSO – Check Out Beyonce’s $10,000/night Airbnb Super Bowl 50 Rental Home
Smith, whose rep declined to comment Sunday night, beat billionaire hedge funder David Tepper to the purchase, according to sources. Tepper had offered $95 million, but was concerned about local laws that would hinder the buyer’s ability to tear down the home, which has been described as “mob-style” — on the property. Tepper made news in 2011 for buying a $43.5 million Hamptons beach house that belonged to his ex-Goldman Sachs boss, Jon Corzine, and then demolishing it to build something bigger.