Billionaire sells his smaller Hamptons estate for $42.5M

New York Post

Jennifer Gould Keil
June 20, 2019


Natural gas billionaire Michael S. Smith and his wife Iris have finally sold their contemporary Hamptons beach house for close to its last asking price of $42.5 million, sources tell the Post. 

The couple made an even bigger splash in 2016, when they paid $110 million for property on East Hampton’s Lily Pond Lane in an off-market deal. 

The $42.5 million sale of their modern home at 263 Surfside Ave. in Bridgehampton, real estate sources add, was to a mystery buyer in another off-market deal. 

The 7,360-square-foot, seven-bedroom home was designed by Barnes Coy Architects. It features walnut and limestone floors, industrial-style details and floor-to-ceiling windows. 

The property sits on 1.42 acres and comes with its own private walkway to the beach. It also features a pool, a pool house and an outdoor kitchen with a pizza oven and a bar — as well as panoramic views of Sagaponack Pond (nicknamed Sagg Pond) and the Atlantic Ocean. 

Three years ago, Smith — who is chairman and CEO of Freeport LNG Development — paid $110 million for three Lily Pond Lane properties from hedge funder Scott Bommer of SAB Capital. At the time, it was the second-most-expensive purchase on the East End, trailing only activist-investor Barry Rosenstein‘s record-setting $147 million purchase in East Hampton. 

The Smiths also splashed out $30 million for a Tribeca penthouse in 2016 and $110 million for a Malibu beach house just last year.

The Surfside Drive off-market sale was brokered by Eileen O’Neill of Douglas Elliman and Ryan Serhant of Nest Seekers.

Ryan Serhant Ryan Serhant
Licensed Associate Real Estate Broker