The $15 Million Sailboat-Storage Lot on Georgica Pond Goes on Sale.
“It’ll go for at least $15 million,” gushes a broker. “And if the wind doesn’t blow the way she wants it to, she’ll take it off the market.” The property in question is 20–24 West End Road, the last vacant lot on East Hampton’s Georgica Pond (just steps from Steven Spielberg). The land was bought in 1979 for $300,000 by Jerry Chester, a former TV executive who spent the seventies buying up Hamptons acreage. His wife, Marjorie, inherited it in 1995, and uses it to store her sailboat. If bidding for the 2.9 acres hits $15 million, the lot could become, per square foot, the most expensive buy ever in the area, once you build on it. But it’s on heavily regulated billionaire pondfront, so there are plenty of zoning restrictions. “They aren’t onerous,” says Corcoran’s Diane Saatchi, the broker for the property. “You can still put in a pool, a garage, and a 13,000-square-foot house.”
—Jacob Bernstein