R
on Lauder, heir to the Estée Lauder fortune, is selling his 30-acre Wainscott land for $56 million to the town of East Hampton. The sale will preserve the property and protect its open space, agricultural land, and water quality. The town's Community Preservation Fund will cover the purchase price, which would be the most expensive acquisition using the fund since 1998.

    Lauder purchased the property three years ago for $66 million with the intention of preventing development. His willingness to sell at a lower price demonstrates his commitment to land preservation. The property includes a third of the shoreline of Wainscott Pond, an impaired water body that has been affected by harmful algae blooms.

    After the sale, the town will conduct an analysis on the pond and implement remedial actions such as upgrading sanitary systems and establishing buffer zones. The property also features meadows and woodlands hosting various plant species and animals. Lauder's decision to sell to the town is seen as a positive step towards preserving the area's natural resources.

    The Community Preservation Fund has been bolstered by the pandemic's boom market, allowing it to make significant purchases like this one. Town officials have commended Lauder for his willingness to consider selling the property at a lower price than its fair market value.