Rumors are circulating out of East Hampton, New York that a property on the exclusive Further Lane has sold for 103 million dollars. The home and property were bought by Ron Baron, founder of Baron Capital Management. If the story is truem the 103 million dollar price tag is a record for a residential sale in the United States.

Ron Baron, the founder of Baron Capital Management, has reportedly completed a long-rumored purchase of approximately 40 oceanfront acres owned by Adelaide de Menil and Edmund Carpenter, his neighbors on East Hampton’s Further Lane, according to a story posted yesterday on Bloomberg.com, which placed the purchase price at a record $103 million.
The price sets a United States residential real estate record, according to Bloomberg, dwarfing the former top price, also set by an East Hampton resident, Ronald O. Perelman, who sold an estate in Palm Beach for $70 million in 2004. Mr. Baron’s investment company manages billion of dollars in assets for its clients.
A large house overlooking the ocean is under construction on Mr. Baron’s land next to the de Menil-Carpenter site, which has been stripped of its residences. In April, the historic houses and barns which the couple had brought to the property over the years and restored as living space were donated for public use: Eight went to East Hampton Town Hall, where they will be linked to become a new municipal office space, and one went to Amagansett, to become part of the Miss Amelia’s Cottage historical site. via The East Hampton

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