More than $10.5 million is owed on the home, situated on the Hamptons’ Further Lane, where Jerry Seinfeld and hedge-fund manager Steven A. Cohen own estates, according to a Bloomberg report. It’s also near a mansion that recently sold for $147 million, the most expensive price ever for a U.S. residence.
The 8,100-square-foot home, built in 2000, has eight bedrooms and five bathrooms, Bloomberg reported. The home also features a 1,300-square-foot pool and five fireplaces.
The house is scheduled for auction in June, with many bidders expected, according to Bloomberg. Bidding may start at less than what is still owed on the house.
Previous foreclosures in the Hamptons have been for less than $5 million, Bloomberg reported. The property is expected to sell quickly.
Home sales in the Hamptons spiked in the first quarter, according to Bloomberg. Sales rose by 52% from the previous year, while the median sales price jumped to $880,000.
A home in New York’s Hamptons may set a foreclosure record for the area.