A $63m piece of Southampton estate ‘La Dune’ is bankrupt

A beach house in Southampton, New York, valued at $63 million — half of a property marketed as “La Dune” — recently landed in bankruptcy court days before a foreclosure auction, court papers show. Huh.

According to Suffolk County Court records, the home at 366 Jin Lane is wrapped up in foreclosure proceedings stemming from an unpaid $26 million mortgage, which has risen to nearly $40 million since 2019. The house is adjacent to another, larger waterfront mansion which is also by default. Bankruptcy court papers show that both houses are controlled by once-rising art publisher and philanthropist Louise Blouin.

As recently as January 2020, the entire compound was listed for sale for $140 million, according to real estate website Out East. Bankruptcy papers show the tiny house brought in $750 000 of rental income in 2021 and $250 000 in 2020.

According to a listing by Sotheby’s International Realty, the property has 22,000 square feet (2044 sq m) of interior between two homes and is located on 4.2 acres that include 400 feet of bulkhead beachfront. Buyers can also enjoy two custom gunite pools and an all-weather tennis court.

The small house was to be auctioned on May 2 to repay the loan. Bloin signed the property’s bankruptcy filing on Saturday, just two days before the scheduled auction. Bankruptcy filings typically halt the lender’s efforts to collect unpaid debts.

The property is in the process of refinancing and needs more time to close the deal, a lawyer for the home said in court papers filed in Suffolk County last week. According to the lawyer, the house was mortgaged to upgrade, so that it can fetch a higher sale price, but the Covid-19 pandemic froze interest in the property.

Bloin’s lawyers are seeking to “achieve a speedy and amicable settlement for all concerned” with the mortgage dispute, spokeswoman Melanie A. Bonvicino said in an emailed statement.

The preliminary hearing for the bankruptcy has been set for May 25.

The case is of Brickchurch Enterprises Inc., 8-22-70914-Est, US Bankruptcy Court for the Eastern District of New York (Central Islip).

© 2022 Bloomberg

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