A source tells Real LI that Old Trees, the 1911 Southampton estate owned by financier Donald Burns, is in contract. The current asking price is $48 million.
The 10-acre compound has been on the market since 2006. Situated on Lake Agawam, the 15,000-square-foot home has 13 bedrooms and a dining room that seats 60 people.
Listing agent Harald Grant of Sotheby’s International Realty did not return a call about the sale, but last May Grant told Newsday: “It’s probably the premiere estate in the Hamptons. I am fortunate to have it as a listing.”
The home was previously listed with Jay Flagg of Prudential Douglas Elliman Real Estate. Goldman Sachs chief executive officer Lloyd Blankfein had reportedly offered $41 million for the property early last year, rescinding the offer once word of the sale leaked to the press.
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Thank God for those Bush tax cuts and off-shore tax shelters!