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Water Mill compound knocks $19M off asking 

Developer Michael Karp looking to sell parcels for $100M

Water Mill Compound’s Asking Price Takes $19M Hit
Philadelphia University City Housing's Michael Karp; 70 Cobb Lane (Getty, Youth Services Inc, NestSeekers)

Philadelphia real estate developer Michael Karp could be suffering from some serious buyer’s remorse, putting his massive Hamptons compound on the market for nearly $20 million below what he paid for it just a short time ago.

Karp is listing the two-home estate at 70 and 71 Cobb Lane in Water Mill for $99.5 million, the New York Post reported. That makes for the priciest listing on the market in the Hamptons.

But the listing price pales in comparison to what Karp coughed up to acquire the compound in late 2021. Karp purchased the property from father-and-son apparel executives Arthur and Jason Rabin for $118.5 million, notching the second-most expensive home sale in Hamptons history.

Karp almost immediately turned around and listed 71 Cobb for $72 million. He ultimately brought down the price to $59.5 million and put 70 Cobb on the market for the exact same price, which would combine for $119 million, in line with what Karp spent in the first place.

The home at 70 Cobb is available for rent for $2.5 million during the Hamptons’ summer season, the same offering as the last major rental season. That makes it the priciest rental in the area.

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Karp couldn’t be reached for comment by the Post, while Hedgerow Exclusive Properties — the brokerage with the exclusive listing — declined comment.

In total, the compound spans more than 21 acres with 45,000 square feet of living space, 24 bedrooms and 38 bathrooms; the home at 70 Cobb is larger and sits on a larger parcel.

The estate has a private dock with access to and frontage on Mecox Bay. Features of 71 Cobb include a tennis court, a pool, a spa and a two-story pool house, while 70 Cobb includes a 750-gallon shark tank, a movie theater, a bowling alley, half a basketball court, indoor and outdoor swimming pools, a 350-bottle wine cellar and a gym.

— Holden Walter-Warner

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Long IslandLuxury Real EstateThe HamptonsWater Mill