The volcanic cloud hovering over Wall Street, touched off by the SEC and the winds of regulatory change in D.C., is leaving wealthy bankers on edge.
But apparently not nervous enough to scale down their summer vacation spending.
According to Hamptons.com, a palatial estate in Bridgehampton, N.Y., has been rented out for $500,000 for two weeks. That works out to more than $35,000 a night, making it the highest price ever paid for a Hamptons rental.
Of course, Corcoran Group, which rented the place, won’t disclose the name of the renter. And it isn’t clear if the renter really is a Wall Streeter. A post on Newsday.com said a person close to the deal said the renter is “no one famous nor a company looking to do a big event, just a family willing to fork over $500,000 for their two-week stay.”
Regardless, the eye-popping price is indicative of the broader rebound in property prices in the Hamptons, which relies heavily on Wall Street and other finance folks for demand.
“The Hamptons market has really bounced back,” said Corcoran Presidence and CEO Pamela Liebman. At a time when the broader housing market is seeing rising foreclosures, the Hamptons Bounce is another sign that “Richistan” has recovered, while the rest of the country hasn’t.
So what do you get for $35,000 a night? You get 11.5 acres with a 31,000 square-feet home featuring nine bedrooms, 11.5 baths, a movie theater, tennis and raquetball courts, heated pool, disco, bowling alley and rock-climbing wall.
In case the renter decides he wants to keep the place, it also is for sale — for a discounted $49.5 million.