A Prestigious East Hampton Estate Gets a New Price Tag of $55M

32 Windmill Lane

Like the temperatures dropping this season, the price of this East Hampton estate has dropped $5 million from its original listing price, now with new price tag of $55 million. This 6.7-acre oceanfront estate on Windmill Lane, just off East Hampton’s Further Lane, once belonged to James H. Evans, a former chairman of rail giant Union Pacific Corporation.

The main residence, a 5,500-square-foot five-bedroom, was erected in 1989 for Evans, who also purchased an inland cottage on an adjacent lot. Built in 1953 and later enlarged by noted East End architect Alfred A. Scheffer, the three-bedroom cottage, complete with its own pool, serves as the property’s guesthouse. With direct access to 300 feet of beach, a soaring great room, private outdoor space off the bedrooms, and a 2018 interior renovation, the place is move-in ready, although current zoning allows for a new 12,477-square-foot home on the oceanfront lot and a 6,040-square-foot pad where the cottage currently stands.

Frank Newbold and Valerie Smith of Sotheby’s International Realty hold the listing.