In the Hamptons, Peter Morton snaps up the house next door
It is said that good things come to those who wait. Peter Morton, co-founder of Hard Rock Café, can attest to this.
One of the most coveted streets in East Hampton, N.Y., was listed by his neighbors, art world power couple Lloyd and Barbara Macklowe, for $60 million in late 2021.
As Rich Report notes, Morton is the not-so-secret buyer who paid "around $35 million" for the five-bedroom stucco-and-shingle home after the asking price sank to $39.5 million. Despite the discount, the Macklowes still pocketed a small fortune; they paid $3.45 million for the property in 1992.
As listing agent Kyle Rosko told Rich Report, "the buyer plans to retain the original architecture", while Morton intends to incorporate the home into his 1.3-acre property next door.
A narrow strip of land between Georgica Pond and the Atlantic Ocean was built by Roger Bullard, architect of the legendary snooty Maidstone Club. Over time, the house was expanded to about 6,100 square feet with five bedrooms and five and a half bathrooms from a modest cottage with three bedrooms.
An oceanside pool and beautiful gardens (designed by Mrs. Macklowe) surround an expansive lawn beyond the graveled drive and detached garage. Access to the sand and surf is provided by a duckwalk over the dunes.
Morton was represented by Ed Petrie and James Petrie of Compass, while Kyle Rosko and Marcy Braun of Douglas Elliman Realty listed the property.
According to Rich Report, Morton acquired his neighboring estate around the turn of the century for nearly $10 million. Originally dubbed Heather Dune, the vintage home was completely destroyed by a 2015 fire and replaced by an almost identical, all-new residence built on the old footprint, which is listed on the East Hampton Historic Register.
Los Angeles real estate-o-philes know Morton for buying and selling many houses across the city. In 2018, he sold his bespoke Richard Meier-designed beach house on Malibu's Carbon Beach for $110 million to billionaires Michael and Iris Smith, but Holmby Hills' mansion remains his primary residence.
