Stewart Rahr’s East Hamptons Estate Finally Finds Buyer, in One of Year’s Priciest Deals

By Serach Nissim

An oversized waterfront East Hamptons estate, owned by Stewart Rahr, the billionaire entrepreneur, investor and philanthropist, is in contract to sell for roughly $50 million. As reported by the Wall Street Journal, it is among the year’s most expensive deals signed. The mansion, which first went up for sale back in 2015, with an asking price of $95 million, has endured several extensive price cuts and was last listed for $56 million

Rahr owned and founded pharmaceutical and generics wholesaler Kinray, which was the largest privately owned pharmaceutical distributor on the globe, till he sold it to Cardinal Health in 2010 for $1.3 billion. Less formally, Rahr, a Jewish Queens native, is the self-proclaimed “Stewie Rah Rah, the No. 1 King of All Fun”. Rahr, who has an estimated net worth of over $2 billion, had purchased the Wainscott property, known as Burnt Point, for $45 million in 2004. The eight bedroom, 25,000 square feet home was designed by the architect Francis Fleetwood and completed in around 2000. It features a private dock, tennis court, four-car garage, gym, screening room, billiards room, pool and spa. The home is nestled on a sprawling 25-acre peninsula.

Rahr, a longtime friend of former President Donald Trump, had previously told the Post, “the property gave him an ‘overwhelmingly peaceful’ and ‘a ‘Golden Pond’ type of feeling’.” Some of his neighbors, however, had referred to it as “Dracula’s Castle.” Perhaps they said that because the home also boasts 200-year-old antique oak flooring, distinctive millwork, open arched doorways, and stone fireplaces. Or maybe it was because of the half-mile long driveway.

Joseph De Sane, the managing director of Bespoke Real Estate, handled the listing, but declined to comment on the exact sale price or on who the buyer is. De Sane did comment to say that he was “grateful for the opportunity to have facilitated this transaction.” Mr. Rahr did not comment.

This was not the only large Hamptons estate which sold in March. The longtime East Hamptons home of June Noble Smith Larkin Gibson, whose father Edward J. Noble was a founder of the Life Savers candy company, also went in contract, as per the WSJ. The five acre, five bedroom, five bathroom home was first put up for sale last August, with an asking price of $72 million, after the heiress had passed away at the age of 98.