Months after purchasing a nearby oceanfront property, entertainment mogul David Geffen has sold his 5½-acre East Hampton estate for $67.3 million, according to people with knowledge of the transaction.
The Georgica Pond estate wasn’t officially on the market, these people said. Mr. Geffen had planned to renovate the compound, but instead purchased the nearby property for $70 million last March, they added. Mr. Geffen couldn’t be reached for comment.
Mr. Geffen bought the estate in 2014 for about $50 million from Courtney Sale Ross, widow of the late Steven J. Ross, former chairman of Time Warner. With a dock on Georgica Pond, the estate includes a seven-bedroom main house measuring about 7,500 square feet, an outdoor swimming pool overlooking the pond and a three-bedroom guesthouse.
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According to the people with knowledge of the transaction, the new owners are aiming to flip three of the four East Hampton parcels that make up the estate. The 1.6 acre lot that includes the house and swimming pool, plus two other vacant lots, will go on the market for $55 million with Zachary and Cody Vichinsky of Water Mill-based Bespoke Real Estate. The properties can be purchased together or separately. The fourth lot, which contains the guesthouse, isn't for sale, these people said.
Co-founder of the entertainment company DreamWorks SKG, Mr. Geffen in 2012 paid $54 million for a penthouse on the Upper East Side of Manhattan.
Write to Candace Taylor at Candace.Taylor@wsj.com