A 79-year-old fisherman who purchased a modest, third-of-an-acre lot in the Hamptons on New York Long Island paid just $300 for the piece of land in 1956. The fisherman then placed a 700-square-foot, one-bedroom trailer home and shed on the property and has lived there ever since. Little did the fisherman know when he purchased the land, but he hit the jackpot. The tiny piece of land and single-bedroom trailer home is now worth an astonishing $1.1 million!
The unassuming property features a white one-bedroom trailer with a tiny shed crammed to the brim with fishing gear. The home is owned by 79-year-old fisherman Richard Lester. According to the New York Post, Lester purchased the one-third acre property for just $300 in 1956. Lester then purchased a $15,000 trailer home and moved it to the property, which Lester said was a stretch in the budget at the time. In total, Lester spent a paltry $15,300 on the property. Today, the property is worth an amazing $1.1 million. That is quite the investment.
What makes this property worth so much today? It is his neighbors. The home is locate just one mile away from the ritzy Indian Wells Beach. The Amagansett South property is surrounded by huge homes owned by the rich and famous. In fact, Lester can boast neighbors that include Jerry Seinfeld and Paul McCartney.
The property is being listed by DouglasElliman Real Estate and they say all the value is in the property’s location. The realtors point out that the property would be perfect for a 4,000 square foot house with 20 foot x 50 foot swimming pool.
“You are not dreaming, this mobile home is over a third of an acre on a private third of an acre flag lot in Amagansett South. Just a mile away from Indian Wells Beach, south of the highway location adjacent to a home that just sold for $4M. Use as is now, while you plan for your 4,000 square foot new house with 20 foot x 50 foot swimming pool.”
What does Lester think about the asking price of his trailer home?
“I think it’s ridiculous!”
The realtor, Ray Lord, says the asking price has nothing to do with the trailer. It is all about location. Lord says, “Erase the trailer from your mind and it’s $1 million for land.” However, that leads to ask the question, “How on earth is that trailer worth $100,000?” Needless to say, I think an offer of $1 million would be accepted, or Lord will be eating those words.
Though the Hamptons property listing says that someone could potentially live in the trailer while they plan for their “4,000 square foot new house,” Lord notes that buyers don’t seem very interested in that idea.