| Issue #42, January 26, 2007 |
NORTH HAVEN LAND OFFERED FOR $80 MILLION
By T.J. Clemente
The Hampton’s real estate market received another bolt of lightning from Dolly Lenz of Prudential Douglas Elliman, with an announcement of an $80 million listing for a 55-acre, 3,000-foot waterfront North Haven property. This is the largest residential real estate listing in the history of New York State. Once again, Lenz, the highest producer in residential sales in both the United States and Canada, has infused some high level buzz by representing 78-years-young Robert W. Rust in his desire to sell the property. Mr. Rust inherited the property from his Aunt Lorraine and Uncle Olin Anderson just four years ago. It is believed that the Andersons paid around $200,000 for the property in 1950. When property taxes were doubled to $180,000 last year, Mr. Rust decided to sell the property. Expert Hudson River School art dealer, Alex Boyle, whose father was a life-long friend of Mr. Rust, introduced Mr. Rust to Manhattan Prudential Douglas Elliman agent, Elia T. Clemente. Realizing the scope of the transaction, Elia T. Clemente, instantly contacted Dolly Lenz so that Mr. Rust would get the highest level of service closest to the property. Over a telephone interview, Dolly Lenz said, since the information became public, “the sale of the property has taken on a life of its own, with over 300 inquiries, including three billionaires from the Forbes “Fortune 100” list.” She also added there is interest from a Goldman Sachs group.
Dolly Lenz, who lives on Ox Pasture in Southampton with her husband of over twenty years, Aaron Lenz, believes that because of the waterfront dock and the acreage, this listing will make a perfect marina and family compound. Dolly began her real estate career with her first sale in 1987 with “a $67,000 studio apartment on Park Ave.” In recent years, besides selling the Burnt Point property in the Hamptons for $45 million, a record sale, Dolly recently sold the adjoining 15 acres for a tidy $25 million.
Robert W. Rust is not without some renown. As an Assistant U.S. Attorney, he was decorated for saving the life of then President John F. Kennedy in 1960 — three years before the assassination. Mr. Rust investigated a case that lead to the capture of a man who had explosives and a plan in place to kill the “Catholic” president. Rust served in the Justice Department with distinction for Presidents Ford and Nixon. Now a retired lawyer living in the Miami area, Mr. Rust was out power boating off Miami when contacted for this article. He regrets having to sell the property, but at his age, there are things that must be done. The Village of North Haven had approached Mr. Rust about purchasing the property to create a beautiful park and beach last year. At the time of the inquiry, Mr. Rust was not interested in selling. He mentioned how much his aunt and uncle enjoyed this property and it pained him to have to sell it. The property looks out at the beautiful Mashomack Preserve on Shelter Island across the Shelter Island Sound. The property is very close to the South Ferry in North Haven on New York State Route 114. In the nearby area are the homes of singer, songwriter and author Jimmy Buffett and actor Richard Gere. Dolly mentioned that Billy Joel, whose $32 million estate on Centre Island is also on the market, is also interested in taking a look at this new listing.
When asked about her opinions about the present real estate market out in the Hamptons, the energetic Dolly Lenz remains extremely bullish. “With the record setting Wall Street seasonal bonuses, I see many positive signs of an upturn coming.” Always busy, Dolly says that a person who loves their job is on vacation every day. She feels that she has not had to work for twenty years. As her husband Aaron’s tennis game gets getter, so does the list of his wife’s real estate accomplishments. Mr. Rust’s hoped for sale is indeed in good hands.
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