Entertainment Mogul Scoops Up New East Hampton Mansion

EAST HAMPTON, NY - It seems that living next door to Steven Spielberg on idyllic West End Road in East Hampton wasn’t enough for billionaire entertainment mogul David Geffen, who until recently owned 26 and 30 West End Road. The property on West End Road is steps from the Atlantic Ocean, but it is located on the northside of the street, which means it isn't oceanfront, although it abuts Georgica Pond.

Now, according to the New York Post's Jennifer Gould Keil, the billionaire business mogul and house flipper Geffen has quietly sold the West End Road estate for about $50 million to developers who can subdivide the 5.5 acres into four separate lots — and Geffen is moving to a two-acre oceanfront mansion at 199 Lily Pond Lane, within short walking distance of West End Road.

Geffen paid $70 million for the new home, previously owned by the late fashion icon Josephine Chaus, the article stated.

And while that wow house figure is impressive even by Hamptons standards, the price is $30 million less than the $100 million Geffen donated to New York City's Museum of Modern Art last month, a gift reported by wsj.com.

Along with the property Geffen also had the rights to subdivide it into four separate buildable lots.

Last year, Patch reported that Deamworks co-founder Geffen of Malibu was said to be worth $6.9 billion and was ranked in 195th place globally, according to Forbes’ annual ranking of billionaires.

His philanthropy is well-documented: Last year, Geffen also donated $100 million to create a private school on the UCLA campus for grades 6 through 12, the university announced.

Google earth image.