REAL ESTATE

INSIDE STORIES BEHIND AREA REAL ESTATE DEALS

Fore!
Sebonack Golf Club, which just opened for play in Southampton, has set the highest-priced membership mark in the Hamptons: $650,000, which includes the ability to stay at one of the four-bedroom cottages being built. (Half a mil for just the ability to golf). Formerly the estate of banker Charles H. Sabin, the site was bought in 2001 by Michael Pascucci (founder of Oxford Resources Corp.) for $45 million cash from the Electrical Workers Union, which held the land in their pension fund. The course, designed by Jack Nicklaus and Tom Doak, boasts two miles of shoreline and a planned 28,000-square-foot clubhouse. With the Atlantic and the Bridge golf clubs offering by-invitation-only memberships, Sebonack has opened up the playing field.

News from the Front
It was on and then it was off. On and off, off and on. Like a reluctant bride, noted private equity buyout specialist Ted Forstmann just couldn't seem to part with his lovely Water Mill estate with wonderful views. The property includes three tennis courts, which for many years hosted the popular Huggy Bear tennis tournament, multiple guesthouses and a somewhat aging main house. Just days ago, we're told, real estate investor Jay Furman and his wife Vicky became the new owners of this one-of-a-kind property. No details on the price, but we're told it was in the $20 million range. The Furmans, we're told, plan to continue the Huggy Bear tournament in situ.