Joe Farrell Finds a Buyer For His $43.5 Million Hamptons Home — And Backs Out
The Hamptons developer finally found someone to buy his dream home, but he couldn't go through with the deal. Find out why.
How many sellers would say no to a full offer on their $43.5 million home? Probably not many, but that's what Hamptons developer Joe Farrell recently did with his famously lavish Bridgehampton estate, dubbed the Sandcastle. According to the New York Post, Farrell built the mansion in 2009 as a dream home for his wife and three kids. He then put it on the market the same year for $59.5 million and has since lowered the price twice — to $49.5 million and finally to $43.5 million.
After all that price-chopping, the McMansion titan finally found a full-price buyer. And yet he not only backed out of the $43.5 million deal but also took the house off the market. The reason? So that his family could keep the home until the kids went to college. "I'm a deal maker. It was a very tough decision," Farrell told the Post.
The 26,500-square-foot palace is laden with amenities: a pair of bowling lanes, rock-climbing wall, home theater, DJ booth and bar, virtual golf, skateboard half pipe, an on-site ATM machine that holds $20,000 (dispensed in $10 bills). The combination squash, racquetball and basketball court features moving walls and a retractable hoop. The master bedroom alone is 2,800 square feet, with eleven additional bedrooms and a separate two-bedroom guest house. The 11.5-acre grounds include a pool, spa, tennis court and outdoor kitchen. In fact, the only thing missing is ocean frontage, but there are plenty of other amenities to distract you from this. (For photos, check out our gallery below.)
Farrell says he'll still be renting out the home during the summer. In the past, he's rented it to celebrities like Jay-Z and Beyonce to the tune of half-a-million bucks for two weeks. One summer he reportedly rented the place to hedge fund manager Marc Leder for the handsome sum of $900,000. So if you're looking for a killer vacation rental and you have six-figure caches of cash to spare, you know who to call.