La Dune — once the most expensive estate in the Hamptons, asking $150 million before entering bankruptcy — sold for $79 million at an hours-long auction on Wednesday evening at Sotheby’s in New York.
This likely marks the end of the saga for the 4-acre estate, which consists of two homes on elite Gin Lane in Southampton, owned by Louise Blouin, a French-Canadian former art publisher.
A single buyer swept in to buy the parcel at 376 Gin Lane for $40.5 million and 366 Gin Lane for $38.5 million. There were seven bidders from North America, including New York and Connecticut, and the Caribbean.
The sale is ultimately $88.48 million “all in” — a 12% buyer’s premium goes to the auctioneers and the real estate brokers who marketed it.
“This should be a series on Netflix,” said one bidder at the sale, who ultimately wasn’t exaggerating.
Even before the sale began at 4 p.m., there were seven verified bids with a minimum asking price of $66 million, said Chad Roffers, CEO of Concierge Auctions, which is owned by Sotheby’s.
Louise Blouin. Getty ImagesThere’s plenty of sitting room inside the sprawling estate. Rich Taverna
The Upper East Side sell-off broke for negotiations around 5:20 p.m. By around 7:20 p.m., the crowd of around 75 people had thinned. That’s when the auctioneer returned to announce a $79 million bid on the compound. The crowd waited to hear bids on the separate homes.
Even at 8:45 p.m., they were still negotiating. The issue was that the lender, a privately owned company named Bay Point, has to approve the auction sale, which will likely end up being less than an earlier $90 million offer for the compound that the seller refused, thinking she could get far more for the property, sources said. Wednesday’s sale still has to be approved by a bankruptcy judge in mid-February. The lenders are still owed between $7 million to $15 million.
Jenny Fleiss, co-founder of Rent the Runway, and financier Chris Brown also made in-person bids before dropping out. Both left the auction house well before the auction ended.
Concierge Auctions partnered with co-brokers Harald Grant of Sotheby’s International Realty, Corcoran’s Tim Davis and Bespoke’s Cody Vichinsky in the sale.
An eat-in chef’s kitchen shall be enjoyed by the highest bidder. Rich TavernaA tub with a view. Rich TavernaOne of the Southampton mansion’s many bedrooms. Rich Taverna
“It took some time but we got it done,” Roffers said after the sale.
“I was surprised. I was hoping for more bidders,” said Grant. “But there was so much press and it was on and off the market for so long, it hurt the process. If this was a fresh property, it would be ‘Boom, Boom, Bam.”
Grant added that if the compound was listed for the first time today, with no bankruptcy, he could sell it for $90 million, or $45 million for each of the two properties, “just on the comps.”
The 4-acre estate, which consists of two homes, is owned by Louise Blouin, a former art publisher. Gavin ZeiglerOne of the estate’s pair of pools. Gavin Zeigler
In the Hamptons, Grant said, “people would rather be on Gin Lane than anywhere else. There are certain trophy spots and this is it.”
Blouin bought the property with her former husband for $13.5 million in the 1990s. La Dune was the crown jewel in Blouin’s real estate portfolio, and in 2016 — when the Panama Papers outed her for storing cash in offshore accounts — it asked $140 million.
Earlier, the property was featured in Woody Allen’s 1978 film, “Interiors.” The two homes are a traditional shingle-styled home built in 1892 and another one designed by French architect François Catroux, built in 2001.
The compound comes with two pools and a sunken tennis court. The two homes were able to be bought at auction together or separately, Roffers said.
The buyers have to put up $500,000 in cash. It’s an all-cash auction, bringing “speed, certainty and reach” to the sales process, Roffers said leading up to the sale. “The property is going to sell no matter what.”
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
