R
on Lauder, heir to the Estée Lauder fortune, has sold his 30-acre Wainscott estate to East Hampton town for a record-breaking $56 million through the Community Preservation Fund. The sale marks a significant departure from typical Hamptons deals, as Lauder opted not to sell to another billionaire looking to build a luxury compound.

    Instead, the property will remain undeveloped and protected as open space, preserving its diverse wildlife and improving water quality at Wainscott Pond, a state-designated impaired water body. The town plans to use its Community Preservation Fund to safeguard the land from development and ensure it remains untouched for future generations.

    The sale is the most expensive purchase in the preservation fund's 24-year history, which has grown substantially due to the pandemic real estate boom. Lauder's decision to sell aligns with his broader commitment to preservation, as he had initially purchased the property in 2021 with the intention of halting potential development.

    The estate features a 6,000-square-foot main house, guest and pool house, tennis courts, and ocean views. The town will now assess the pond and implement measures to curb pollution, including upgraded sanitation systems and buffer zones. This landmark deal is hailed as a win for conservation and water quality in the Hamptons.