Officials in the exclusive Hamptons enclave of Southampton are set to approve a multi-million pound plan to purchase a luxury oceanfront mansion, only to tear it down and open the land for public use.
A Multi-Million Pound Bid for Public Access
The target is a stunning three-storey home at 1950 Meadow Lane, a street colloquially known as 'Billionaire's Lane' for its ultra-wealthy residents and properties worth up to $75 million. The town has reached an agreement to buy the property for $25.8 million (£20.6m).
Jacqueline Fenlon, director of the town's Community Preservation Fund (CPF), confirmed the deal but noted it requires final approval from the town board. A public hearing is scheduled for Tuesday to decide the matter.
The 11-bedroom, 11-bathroom home boasts 172 linear feet of pristine ocean frontage and sits adjacent to the acclaimed Cooper's Beach. If approved, the mansion will be completely demolished, with the land preserved for public beach access and coastal resilience.
Funding and Wider Coastal Strategy
The purchase will be financed through Southampton's Community Preservation Fund, which is supported by a two percent tax on real estate transactions. This acquisition, valuing the land at $11.7 million per acre, would be the fund's second-largest ever.
Fenlon stated the move is part of a strategic priority to secure coastal properties. "We have been trying to, throughout the town, prioritise coastal properties for coastal resiliency practices, habitat restoration and habitat preservation," she said. She described it as a "rare opportunity to be able to preserve such pristine ocean frontage."
This is not the town's first such project; similar preservation efforts have been undertaken in Hampton Bays, Westhampton Beach, and Quogue along Dune Road. The exact cost of the demolition will also come from the CPF.
Environmental and Public Safety Benefits
Environmental advocates have strongly endorsed the plan. Bob DeLuca, president of the Group for the East End, argued that acquiring such property offsets long-term public costs and reduces human risk in vulnerable coastal areas.
"It definitely has a habitat value. It definitely has a public safety value and it has a public access value," DeLuca said, emphasising that the sale provides "public access in an area that's increasingly devoid of access."
Property records show the home is currently owned by Frances Katz. It was last listed for sale in August 2023 for $27 million, having previously been on the market in 2021 for $24.495 million.
