Luxist

In the pricey Hamptons where land is always at a premium it is common to buy a home simply for the land it sits on. One of the most recent examples belongs to director Steven Spielberg who added Georgica Pond holdings in East Hampton with the purchase of the three-acre lot for a bit less than the asking price of $19.95 million. The land has a six-bedroom home on it but a local agent told Newsday that it was likely being purchased as a tear-down. 12/02/08