A lavish Hamptons beach house developed by Howard Lorber, the chairman of Douglas Elliman, has sold for $20.5 million.
The modern oceanfront home, at 25 Potato Road in Sagaponack, was asking $24.99 million.
It first hit the market in January 2018 for $29.99 million.
The sale comes at a time when demand in the Hamptons has hit record highs as city dwellers flee out the coronavirus and take sanctuary out east.
That migration has pushed area home prices higher, led to bidding wars and even bumped up enrollment in local schools.
The 4,857-square-foot, six-bedroom, 5½-bathroom home has ample spaces for indoor/outdoor living.
Inspired by Malibu-style homes, it has multiple terraces, a pool and a sunken L-shaped seating area with an outdoor gas fireplace after an Aman resort design.
There is a direct path to the beach.
25 Potato Road was developed by New Valley, a subsidiary of Lorber’s Vector Group, and designed by Grade and Laguardia Design in collaboration with luxury building firm Telemark.
His son Michael Lorber, along with Erica Grossman, Justin Agnello and James Keogh, all of Douglas Elliman, repped the listing.