Fashion mogul Calvin Klein is in contract to let his Hamptons estate go to a new owner this winter, according to the Wall Street Journal. The transaction could be north of $100 million.
The Suffolk County retreat was a protracted labor of love for Klein, who put around seventy-five million dollars into the project over more than ten years. Klein purchased the property in 2003 for almost $30 million, and demolished the existing house, known as Dragon Head. That home had been a 50,000-square-foot shingle-style with a Gothic, castle-esque feel. The property had been owned by the du Pont family.
Klein destroyed Dragon Head in 2009. His plan for a new home on the site involved a modern design, and called for plentiful glass, an infinity pool, a guest wing, and a separate building for entertainment. It was actually substantially smaller than the home that was destroyed.
Klein had marketed the rebuilt home quietly. The buyer of the property was apparently Mr. Ken Griffin, the hedge fund manager who bought so heavily into Manhattan and South Florida real estate in the past year; his $100 million purchase of a Palm Beach mansion in September raised his tally for that growing property to $350 million, and his purchase of a $238 million penthouse in Manhattan about a year ago set a record for the city.
Griffin’s net worth is estimated at $13 billion.
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