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J. Crew’s former CEO Mickey Drexler lists his oceanfront Wainscott home for $21.5M

November 6, 2017

In 2014, the oceanfront home at 120 Beach Lane in Wainscott was asking $26.5 million. After a year on the market, $4 million was taken from that price tag, and then in 2016, another $1 million was shaved off. But after 10 months with a listing price of $21.5 million, the home came off the market in December of 2016. 

 

Almost a year later, it’s returned to the market under Douglas Elliman agent Paul Brennan for the same $21.5 million asking price—but a year ago, our readers said that the house wouldn’t sell for that price. 

 

The property is one of seven oceanfront parcels in Wainscott, featuring 315 feet of direct ocean frontage as well as unobstructed views of Wainscott Pond. Standing just 3,500 square feet, there are three bedrooms, two full bathrooms, and two half-bathrooms in the home on 2.3 acres of land. 

 

Interior features include an open floor plan, double-height ceilings, and floor-to-ceiling windows allowing for panoramic views of the water. Outside, there are wraparound decks and a wooded boardwalk with private access to the ocean. 

 

Down the beach, 115 Beach Lane sold in 2015 for $16.5 million. That home stands 3,000 square feet on 2.2 acres of land with a tennis court. While it was considered a teardown (though renovations would probably bring the home up to date enough), the home is still comparable in size and land and sold for significantly less than 120 Beach Lane is asking. 

 

Even further down the street, the historic Kilkare estate on Association Road is asking $55 million.

 

 

 

 

 

 

 

 

 

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