Real LI

A five-bedroom, five-bath Norman Jaffe-designed home on Meadow Lane in Southampton is now in contract. The oceanfront dwelling, built in 1986, sits on 4.2 acres and has a heated Gunite pool and outdoor spa.

The asking price for the property was $26 million; a source tells REAL LI that the sales price is closer to $18 million.

Listing agent Pat Petrillo of Sotheby’s International Realty acknowledged that the home was in contract, but would not discuss the parties involved in the sale or the sale price, other than to say, “we’re proud of it.”

Public records indicate that the home is currently owned by Amy and Van Greenfield. She is managing partner of Van Prooyen Greenfield Llp, a law firm that specializes in providing strategic communications counsel. He is the founder of several investment and money management firms, including Blue River Capital Llc. Three years ago, the SEC accused Greenfield of securing a spot on WorldCom Inc.'s creditors' committee in 2002 by falsely claiming to own $400 million of the company's bonds. Greenfield paid $150,000 to settle the case without admitting or denying wrongdoing.

The Greenfields’ home, which records show was purchased in 1999 for $659,000, is next door to one owned by former ITT chairman Rand Araskog, who is currently a board member at Cablevision.