Introduction to the Record-Breaking Sale
It’s official — A company tied to former Yahoo! and Warner Bros. Chairman Terry Semel sold his large oceanfront estate in East Hampton in an off-market deal for a whopping $115 million — in a record-breaking deal.
The Most Expensive Single Residential Parcel
In Hamptons history, combined parcels have sold for more, but this deal is the most expensive single residential parcel ever to sell in the Hamptons.
The Buyer: Len Blavatnik
Billionaire Len Blavatnik, a Ukrainian-born movie investor, owner of Warner Music Group and a philanthropist, is the buyer, according to a source. The name of the limited liability company, “Brise Lontaine,” is listed as the buyer.
Apple Maps show an aerial view of the house at 408 Further Lane, which sits on 8.5 acres between Further Lane and the dune.Apple Maps
Considered by some to be a Russian oligarch, he has British-American dual citizenship and a knighthood from Queen Elizabeth. He boasts residences in Kensington Palace Gardens in London and a $77.5 million co-op on Manhattan’s Fifth Avenue. He already owns a smaller house on Further Lane, as well as an oceanfront compound on Dune Road in Bridgehampton. Forbes lists him as the 59th richest person in the world with a net worth of $29.6 billion.
The Transaction
According to deed transfers that came through publicly on Friday morning, the transaction for 408 Further Lane, not far from Indian Wells Beach in Amagansett, was finalized on July 31. It’s unclear which brokerages were involved in the deal.
The Sale and Market Trends
The sale, which is likely to remain the biggest of 2025, is the first deal over $100 million in nearly two years, the last being the Mylestone estate on Meadow Lane in Southampton, which traded for $112.5 million in October of 2023, though it’s in the company of a flurry of activity at the high-end of the market.
Terry Semel’s Purchase and Background
When Semel bought the property through his company, Windsor Digital Studio, he was chairman and CEO of Yahoo! Incorporated, a position he held from 2001 to 2007. Before that, he was the chairman and co-chief executive officer at Warner Bros. for 24 years. The powerhouse executive, now 82, has been battling Alzheimer’s disease for several years, according to a 2019 article in The Los Angeles Times.
These Charles Gwathmey structures were built on the north end of Terry Semel’s property at 408 Further Lane in East Hampton, as seen back in 2010.
The Property’s History
Back in late 2005, he bought the 8.5-acre property, stretching on the southern side of the coveted Further Lane up to the dune-protected beach, for $43 million from Stephen A. Schwarzman, the billionaire CEO and founder of Blackstone. World-famous art dealer Larry Gagosian is a neighbor.
Previous Ownership and Development
Schwarzman had owned the property since 1992, buying what was then 15 acres for a mere $4 million. A few years before he sold it, he deeded 6.1 acres to the Nature Conservancy, which carved out the 8.5-acre property that Semel bought.
Price Per Acre
In 2006, The New York Post reported that Semel had paid $1 million more than Schwarzman’s original asking price, which worked out to be roughly $5.058 million per acre.
Based on the current sale price, the price per acre is now up to $13.53 million.
Property Features and Potential
At the time, the property included “a rustic five-bedroom cottage,” according to Brown Harris Stevens marketing materials, as well as some of the last structures designed by noted architect Charles Gwathmey before he died in 2009.
The listing information touted the parcel could accommodate a 20,000-square-foot residence with room for a pool, a tennis court and a pool house, and The Post reported that it still left space for “golf, garages, ponds, orchards and horses.”
Semel’s Legal Battle
Dispute with the Town and Neighbors
However, trouble soon followed.
Semel became embroiled in a years-long dispute with the Town of East Hampton and his neighbors, particularly after the addition of a kitchen on the Gwathmey guest house.
Plans and Permits
He had planned to build a 10,000-square-foot house on the property in addition to the pre-existing, non-conforming cottage closer to the dune. But, he landed in front of the town’s Zoning Board of Appeals after the foundation had been laid and eventually his building permit was yanked.
Conflict and Resolution
“I was hoping to come here for a peaceful summer,” Semel told the board during a hearing, as reported by The Huffington Post in 2010. He accused his “land-grabbing” neighbors, brothers Jonathan and Peter Sobel, of “launching World War III” against him, and promising to defeat them. “I don’t care how much time it takes, or how much money,” he vowed.
The Sobels claimed Semel razed a slew of cedar trees and added an illegal fence and privet hedge.
How the land disputes were resolved is unclear, but Semel was able to build an approximately 10,000-square-foot contemporary residence and pool along the dunes.
Record-Breaker
The sale of 408 Further Lane deal breaks the record for the biggest sale for a single residential property in the Hamptons.
It was previously held by Jule Pond, a 42-acre waterfront estate also in Water Mill, boasting unobstructed views of the Atlantic Ocean and Mecox Bay, which snatched the title when it sold for $105 million in October 2021.
Recent Sales in the Hamptons
2025’s Biggest Deals
While the sale of 408 Further Lane is in a league of its own, there has been a slew of high-end sales during the last two quarters of the year.
Coming in second is a combined deal for two parcels nearby at 370 and 372 Further Lane, which traded for a total of $70 million in February (the bigger of the two parcels sold for $56 million).
The property at 370 and 372 Further Lane in East Hampton were listed for $89 million.Harris Allen for Sotheby’s International Realty
In September, The WSJ reported the sale of 105 Lily Pond Lane in East Hampton at $66.8 million. Deed transfers available Friday show the sale for the address closed at $46.75 million on Sept. 22, while 111 Lily Pond, a vacant property behind the oceanfront piece, sold for $20 million, to a similarly named limited liability company with the same attorney.
Conclusion
The sale of Terry Semel’s Hamptons estate for $115 million sets a new record for the most expensive single residential parcel in the Hamptons, surpassing previous records and highlighting the ongoing demand for luxury properties in the area.
FAQs
- Q: Who bought Terry Semel’s Hamptons estate?
A: Billionaire Len Blavatnik, through a limited liability company named “Brise Lontaine,” bought the estate. - Q: How much did the estate sell for?
A: The estate sold for $115 million. - Q: Is this the most expensive sale in Hamptons history?
A: It is the most expensive sale for a single residential parcel in the Hamptons, but not the highest overall when considering combined parcels. - Q: What is the price per acre of the property?
A: Based on the sale price, the price per acre is approximately $13.53 million. - Q: What other notable properties has Len Blavatnik owned or purchased?
A: He owns residences in Kensington Palace Gardens in London, a $77.5 million co-op on Manhattan’s Fifth Avenue, a smaller house on Further Lane, and an oceanfront compound on Dune Road in Bridgehampton.
