Saunders, Real Estate, Hamptons

Hamptons Life

Oct 9, 2015 2:26 PMPublication: The East Hampton Press & The Southampton Press

Sheriff Recovers Items At Foreclosed Further Lane Manse

A sheriff removed belongings after an eviction at this Further Lane property in East Hampton. GOOGLE EARTH
Editor's Note: Have a real estate tip? SHARE IT WITH OUR REAL ESTATE TEAM!
Oct 11, 2015 3:52 PM

The ongoing saga for one Further Lane residence may finally be coming to an end.

An 8,000-square-foot mansion, on one of East Hampton Village’s toniest roads, has been the subject of foreclosure for several years. On Thursday, October 10, a sheriff arrived, along with a moving company, to discard whatever items the owners, David and Gia Walsh, may have left behind. According to the New York Post, this included a pool table, three 50-inch flat-screen TVs, and treadmills that had been disassembled. The flotsam was reportedly carted off to the town dump, and the Walshes had 24 hours to claim the items.

Last April, the home was sold at auction to ES Ventures One LLC, the mortgage lender, for $12.35 million, according to The Real Estate Report. A month earlier, the State Supreme Court had determined that the Walshes owed more than $10.5 million to the lender.

The bank purchased the couple’s mortgage from the parent company of Patriot National Bank, which had consolidated $8.5 million worth of the property owners’ loans. That was in 2008—the backlogged courts took a while processing many of the foreclosures originating from that period, when many homeowners failed to make mortgage payments in the middle of a housing crisis.

The Walshes, who may have spent the summer in the home, apparently received an eviction notice in August.

In 1999, the couple paid $2.7 million for the 1.8-acre property, which includes a pool; it’s now worth an estimated $11 million. Notably, the oceanfront property is next door to a single-family spread, at 60, 62 and 64 Further Lane, that reportedly broke a national record last year when hedge fund manager Barry Rosenstein purchased the 18 acres for $147 million.

You've read 1 of 7 free articles this month.

Already a subscriber? Sign in