Highest Hamptons estate on block, again | Crain’s New York Business

Japanese artist and architect Sensuo Ito will attempt to auction off his 12,000-square-foot Water Mill house situated atop the highest point in the Hamptons, according to J. Sugarman Auction Corp., the company retained to conduct the June 26 auction.

This is Mr. Ito’s second attempt to sell the estate that he designed. Last year, Prudential Douglas Elliman Real Estate listed the property for $10.995 million and attempted to auction off the property. In 2009, the property had an asking price of $30 million. The reserve price for the house was not disclosed, but a spokeswoman for J. Sugarman said interested bidders must provide a refundable $50,000 cashier’s check prior to the auction to bid on the nine-acre property. Ten percent of the proceeds of the sale of the house will go to the Japan Rescue Foundation.

“We are getting a lot of interest,” said the spokeswoman, noting that bids will also be taken online. Mr. Ito plans to move to Japan to embark on humanitarian efforts once the house is sold, she added.

“It’s an interesting and unique property and it needs someone with a vision,” said Jacky Teplitzky, managing director at Prudential Douglas Elliman Real Estate, who handled last year’s auction. “The land is valuable and the house is very secluded, but the downside is that it is inland and does not have access to the ocean.”

Last year, no one bid on the property, said Ms. Teplitzky, adding that the donation component of the latest auction “is a smart move.” The house, located on Noyack Path in Bridgehampton, is Zen Buddhist influenced and features a 40-foot-high glass pyramid structure with stunning views of the Atlantic Ocean and the Great Peconic Bay. It also includes a sunroom and waterfall pool and spa.

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