Welcome to the neighborhood Michael S. Smith. The natural gas billionaire–not to be confused with the designer–serves as the Chairman and CEO of Freeport LNG Development and is now reported to be the proud owner of $110 million worth of three prime parcels on Lily Pond Lane in East Hampton.
The off-market deal for 101, 97 and 93 Lily Pond Lane includes a giant white wedding cake of a beachfront house, a 4,500-square-foot shingle-style traditional, built in 1914, a guest house, huge pool, heated tennis, 284 feet of frontage and big-time ocean views. The three parcels were sold by hedge funder Scott Bommer, who purchased them for $93.9 million in 2014.
It has been reported that Smith outbid another hedge funder, David Tepper, for the land, which is the second most expensive deal in the Hamptons and fifth priciest in the United States. Reports state that Tepper, who bought Jon Corzine’s estate as a $43.5 million teardown in 2011, bid $95 million for the Lily Pond parcels but allegedly balked at paying more due to East Hampton’s (FINALLY!) more stringent teardown laws.
Previously, the most expensive deal on the East End to date was the $147 million purchase by Barry Rosenstein of an 18-acre East Hampton property in 2014.