Sandcastle List Price Redefines Hamptons Real Estate Hubris

Sales and rentals in the Hamptons this year have been more than a bit sluggish but that's not stopping builder Joe Farrell of Farrell Building Company from seeking a big Hamptons payday. We first heard about Sandcastle, a luxury 11.5-acre estate in Bridgehampton went it went on the market for $50 million. At the time Farrell was quoted as saying he built the home for his family but was then encouraged by brokers to try and sell it. Later the NY Post reported that the Jonas Brothers were checking it out as a summer rental (it's listed for $500,000 for any two-week period in July or August). But perhaps believing that he should strike while the iron is hot, Farrell has raised the price to $59.5 million, which is of course what you do when your house has been on the market less than a month. Is it just crazy enough to work, has Farrell stepped into a 2005-6 time machine or is he actually hoping the home doesn't sell? It's a mystery.

The 14-bedroom home is built for play with a two-lane bowling alley, a heated gunite pool with an underwater stereo, a sunken tennis court, a disco and bar, virtual golf, a movie theater with a planetarium on the ceiling, a squash and racquetball court, a half-pipe for skateboarding, a rock-climbing wall, a DJ booth and recording studio and a Jacuzzi. The home has over 31,000 square feet of space and has an elevator, walnut library, 10-seat theater and a 2800 sq. ft. master suite. As a rental, the property will come with a luxury car, a Ferrari or a Bentley, depending on what the client wants, and chef, butler, full staff and maid service.

[via Newsday's Real LI]