Reed Krakoff's NEW Hamptons Estate

BUYER: Reed and Delphine Krakoff
LOCATION: 121 Further Lane, East Hampton, NY
PRICE: $24,000,000 (sale price)
SIZE: 6.4 acres, 8,500 square feet, 6 bedrooms, 5.4 bathrooms
DESCRIPTION: Designed by architect Arthur Jackson and built in 1917, Lasata, or "place of peace," is universally recognized as one of the most beautiful homes in America. Situated on 6.4 acres, the unique estate property captures the eye with its graceful lines and understated presence. Summer home to the Bouvier family through the 1920s, the residence has anchored the lives of only a small handful of owners over the last 85 years. The opportunity to become part of Lasata's history now presents itself.

YOUR MAMAS NOTES: As was first reported in Braden Keil's Gimme Shelter column in the NY Post, Reed Krakoff, the president and creative director of the leather accessories company Coach, and his interior designer wife Delphine have purchased Lasata, one of East Hampton's most fabled and coveted estates. The also price is said to be $24,000,000.

The purchase of this property has been widely covered on websites and blogs including Your Mama's pals over at Luxist. However, since Your Mama previously discussed the Krakoff's former summer home on Great Plains Road in Southampton (which remains for sale with a hefty price tag of $12,000,000) and also the Krakoff's recently sold townhouse on East 61st Street, we felt it would be remiss not to post photographs and additional information for the children on their new summer residence.

The Brown Harris Stevens listing shows the property at 6.4 acres. However Braden Keil reports the Krakoff's new digs encompass 11 acres. Not sure why the discrepancy. However, not in dispute is that Lasata once belonged to the paternal grandparents of Jackie Kennedy Onassis. It is widely known and reported that Jackie-O spent many a childhood summer at this huge estate.

Other Further Lane residents include big-time gallerist Larry Gagosian and semi-retired comedian Jerry Seinfeld who purchased his vast ocean front estate from Billy Joel and proceeded to add a softball diamond at the front of the property. Hippity Hop clothing designer Tommy Hilfilger purchased an ocean front property on Further Lane in the Spring of 2006 for $17,000,000, turned the place into a Balinese freak out, and put it back on the market for $24,500,000. Your Mama discussed this property here.

The most expensive property to sell in the Hamptons in 2006, located at 408 Further Lane, transferred at the astronomical price of $43,000,000. That's just a little pocket change if there's any truth the the oft reported rumor that Adelaide de Menil Carpenter recently sold her 40 acre ocean front property to Swedish financier turned art patron Robert Weil for the mind numbing price of $90,000,000.

As can be seen in the photographs, the current decor of the mansion is frumpy and dated. However, we expect with the Krakoff's keen design sensibilities and a few million dollars, Lasata will be transformed into one of the Hampton's most design savvy estates.

Sources: Brown Harris Stevens, NY Post, New York Magazine, Forbes