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110-year-old mansion on Lily Pond Lane in East Hampton, listed for $79.5 million, has found a buyer. While the sale price is not yet disclosed, it's expected to be one of the highest deals of the year on the East End and likely lower than the asking price.

    The buyer, who owns multiple homes, plans to restore the property, according to Dana Trotter of The Agency, who represented them in the all-cash deal. "It's an iconic location," Trotter said. "They'll bring it back to its former glory."

    Built for President Franklin D. Roosevelt's secretary of treasury, William H. Woodin, the three-story mansion features traditional design attributed to Grosvenor Atterbury. The 8,400-square-foot home sits on nearly 5 acres and includes a second vacant lot adjacent to the property.

    Lily Pond Lane is one of the most prestigious streets in the Hamptons, with past residents including Martha Stewart and Jon Bon Jovi. The street's charm extends to the mansion itself, which boasts expansive windows, lush lawns, and prime ocean views.

    The buyer plans to restore the home, rather than tear it down, and has the option to build a second home on the adjacent lot. This year, Hamptons home sales reached a record high, with the first quarter median price exceeding $2 million for the first time.

    "The market heated up before Zohran Mamdani's mayoral primary win," Trotter noted, "and real estate is always a great investment, especially during times of stock market volatility."