In a discreet off-market transaction that has stunned the luxury real estate world, former Yahoo! CEO and Warner Bros. co-chairman Terry Semel has offloaded his expansive oceanfront property at 408 Further Lane in Amagansett (East Hampton area) for an astonishing $115 million.
The deal, finalized on July 31, 2025, establishes a new benchmark as the priciest single residential parcel ever sold in the Hamptons, outpacing prior marks for non-combined lots. Semel first acquired the roughly 8.5-acre waterfront site back in late 2005, purchasing it from Blackstone founder Stephen Schwarzman for $43 million via an LLC.
Over the past two decades, the parcel's value has surged dramatically, climbing from about $5 million per acre to roughly $13.5 million per acre in this latest transfer—demonstrating the extraordinary appreciation in prime Hamptons oceanfront land.
This blockbuster closing underscores the intense competition for rare, large-scale oceanfront holdings in the Hamptons' most coveted enclaves like Further Lane, where privacy, direct beach access, and prestige drive record premiums. The transaction arrived amid a broader resurgence in the region's ultra-luxury segment, with 2025 seeing a spike in multimillion-dollar deals fueled by strong financial markets and high-net-worth demand for East End retreats.
While combined parcels have fetched higher totals in the past (such as a $147 million multi-lot deal in 2014), this $115 million single-parcel figure cements its place in Hamptons history as a milestone for individual property sales. The off-market approach highlights how billionaires increasingly favor quiet, direct negotiations to avoid public scrutiny in one of the world's most exclusive coastal markets.
