In the early 1960's, a developer bought the waterfront estate of Thomas Edison's partner, Joe Murray, in Water Mill. Over the years, some 18 parcels valuing at least $200 million have come to share a private drive, known as Holly Lane, consisting of a strip of land varying from 40 to 75 feet wide, several gates, trees, and lawns. While all the properties have easements to pass over Holly Lane to get in and out, the heirs of the developer still own the fee title of the majority of Holly Lane and its verges to the water, some 1 1/4 acres. A sophisticated investor will understand that Holly Lane is a brand like Chanel, and that majority control and ownership of such a parcel could be very valuable.
Courtesy of: Douglas Elliman Bridgehampton
Office Phone: 631.537.5900
Listing Agent: Paul Brennan
Updated: 1st April, 2020 5:38 PM.
Holly Lane (Private Road) Water Mill, NY