“La Dune” is a celebrated property in one of the most exclusive enclaves in the world, the Hamptons.
Now it has made history, as the iconic estate sold for a record-breaking $88.48 million. It is the most valuable property ever auctioned live at Sotheby’s and was the only piece of real estate offered at the bidding that opened on January 10 and culminated on January 24 at Sotheby’s inaugural “Visions of America” event on the Upper East Side. Chad Roffers, CEO of Concierge Auctions, told the New York Post that this was the “first time” real estate was auctioned alongside art at Sotheby’s. The house, frequently referred to as the “most Hamptons house in the Hamptons,” was owned by Canadian businesswoman Louise Blouin.
Blouin was once one of the most visible figures in the world of art media. She had acquired her flagship magazines Art + Auction in 2003 and Modern Painters in 2005, and launched her website, Artinfo.com. She was hailed as a “revolutionary out to modernize the art magazine business”. “When she recently began to take an interest in contemporary art,” explained the Culture Show, “she found the world of art publishing to be a bit of a backwater, ripe for restructuring.”
However, her burgeoning mini empire soon imploded as she became infamous for not paying writers, for changing the name of her titles to Blouin Modern Painters and Blouin Art + Auction, and, according to reports, for outsourcing art coverage to writers based in India to save money. By the 2010s, she became what multiple sources refer to as “industry punchline”. In the end, the disgraced Blouin finally outsourced the last of her New York editorial offices to Bangalore, in India.
Blouin acquired “La Dune” for $13.5 million in the 1990s, according to the New York Post. It is spread over four acres, on famed Gin Lane (366 and 376 Gin Lane), and has 400 feet of oceanfront space. The property has two homes—a traditional shingle-style residence from 1892 designed by Stanford White, and another designed by French architect François Catroux, that was built in 2001.
Both “La Dune” properties were sold to a single bidder—whose identity is as yet unknown; the event featured global participation from the seven “property connoisseurs” from North America and the Caribbean, including New York and Connecticut.
“The remarkable final sale price for ‘La Dune’ reflects its stunning design, exclusive address, and historic pedigree,” said Chad Roffers, founder and CEO of Sotheby’s Concierge Auctions. “It’s a result that our team, as the world’s leading luxury property auctioneer, is best positioned to obtain. We deal in real market value, which is ultimately measured by what a group of qualified bidders are willing to pay for a unique, one-of-a-kind piece of real estate like ‘La Dune.'”
Harald Grant from Sotheby’s Auctions stated, “This extraordinary oceanfront compound represents one of the finest offerings in the Hamptons; it is no surprise that this auction resulted in a record sale.”
