The former Hamptons house of the late
Johnson & Johnson
chief govt
James Burke
has bought for near its $48 million asking worth, in keeping with individuals aware of the state of affairs.
The roughly 4-acre oceanfront property in Sagaponack, N.Y., consists of two distinct parcels, in keeping with itemizing agent Christopher Covert of Compass. One is an oversize oceanfront lot with two Nineteen Eighties-era homes related by a breezeway, in addition to a separate, vacant web site throughout the road, he stated. The purchaser may construct a roughly 7,000-square-foot home in addition to a pool and tennis court docket on the vacant parcel, in keeping with an individual aware of the property.
Mr. Covert declined to touch upon the identification of the customer, who was represented by Hedgerow Exclusive Properties.
Mr. Covert stated the property bought within the “pre-marketing” section, earlier than he had listed it on
Zillow
or the native a number of listings service, noting that the velocity of the transaction displays demand for distinctive oceanfront alternatives.
“This sold before we were able to bring it to market,” he stated. “We’ve seen unprecedented demand and historic low inventory, especially for premium properties.”
The sale is the most recent in a string of main transactions in Sagaponack, in keeping with native brokers. Another close by house bought for $50 million earlier this yr, data present.
Mr. Covert stated he couldn’t communicate to the purchaser’s plans for the Burke property, however that it’s common for older Hamptons homes like these to be torn right down to make approach for extra trendy properties.
Mr. Burke was chairman and CEO of pharmaceutical big Johnson & Johnson for 13 years, starting in 1976. Following his retirement, he served as chairman of the nonprofit previously often known as Partnership for a Drug-Free America. He died in 2012. His spouse, Didi Burke, died final yr.
Ms. Burke’s youngsters couldn’t instantly be reached for remark.
Mr. Covert labored on the cope with colleague Chris Coleman.
Write to Katherine Clarke at [email protected]
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