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Edgar Bronfman, scion of the Canadian clan that brought us the Seagram’s booze empire, has purchased a property in Bridgehampton on the down-low; records show the off-market sale closed in late November at $11.2 million. For that price, the 66-year old businessman and philanthropist got 3.4 land-locked acres located south of Montauk Highway, a location differential that’s a big deal in the Hamptons, and very close to fancy-schmancy Sagg Pond as well as the ocean.
The existing house measures a modest 2,083 square feet, with four bedrooms and three bathrooms. However, with 3.4 acres at his fingertips, Bronfman should be able to build a house of up to 22,000 square feet, considering local rules dictate that square footage be no more than 15% of the lot size. Can you hear the sound of distant bulldozers? We sure can.
It’s been a big year in real estate for the father of seven. Not only did he shell out about $5 million for three condos in the same building on Manhattan’s East 72nd Street, between Park and Madison Avenues, he paid $12 million for a 6-bedroom and 7.5-bath house in Palm Beach.
Bronfman, half brother to Clare Bronfman, who was imprisoned last year for her involvement in the NXIVM scandal, formerly served as the CEO of Seagram and vice-chairman of Vivendi Universal, a huge French media conglomerate, which acquired Seagrams for its MCA division, owners of Universal Entertainment and theme parks. Bronfman served as CEO of Warner Music Group from 2004 to 2011 and as Chairman of Warner Music Group from 2011 to 2012. These days, he works as a managing partner at Accretive LLC, a private equity firm focused on creating and investing in technology companies.
The Bronfman family still owns about one-third of The Seagram Company. That ownership stake has certainly helped keep the various family members in the black, judging by their real estate doings. Last year, Bronfman’s nephew Jeremy paid nearly $30 million for an estate in Los Angeles. And in 2018, his first cousin Ellen Bronfman Hauptman sold her custom Bel Air compound for a whopping $85 million, later “downsizing” to a $22 million Malibu estate.
It will be be interesting to see what Bronfman builds on the Hamptons land. One thing is for sure — there will be a well-stocked bar.
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