Home Notifications Newsletters Next Share

Take a flyover tour of America's wealthiest zip code, where the average home costs more than $5 millionhttps://www.businessinsider.in/take-a-flyover-tour-of-americas-wealthiest-zip-code-where-the-average-home-costs-more-than-5-million/sagaponack-is-located-on-the-eastern-end-of-long-island-on-the-atlantic-ocean-/slidelist/48076707.cms2021-07-26T12:44:58+05:30

Take a flyover tour of America's wealthiest zip code, where the average home costs more than $5 million

Jul 26, 2021, 12:44 IST

Sagaponack is located on the eastern end of Long Island, on the Atlantic Ocean.

It sits squarely between Bridgehampton and Wainscott.

Sagaponack, NY is the Hampton's youngest zip code — 11962 only incorporated in 2005.

It started life as a hamlet of Southampton Town, but voted to become a full village to stop the proposed village of Dunehampton from cutting off access to the beaches.

The village is also one of the sleepiest of the Hamptons, where much of the land was used for potato farming.

Foster Farm still carries on the area's family potato-farming legacy.

As for commercial activity in the area, there's a "general store, a post office, and not much else," reports the New York Times.

One thing there is a lot of are huge, luxury mega-mansion summer homes built on the former farmland.

The mansions and idyllic beachside setting have contributed to the median home price of $5.12 million, making it the most expensive zip code in the United States.

Naturally, the closer to the beach, the pricier the real estate.

Properties that border the lakes, ponds, and streams separating and bisecting the village also cost big bucks.

Recent efforts in neighboring hamlets and villages to curb mega-mansion building have started, but no such effort has yet commenced in Sagaponack.

The names of the 5-square-mile village derives from the Shinnecock word for "land of the big ground nuts."

Hedge funder David Gerstenhaber tried to sell this mansion in 2012, but it's unclear if it ever actually changed hands.

A tour of Sagaponack wouldn't be complete without a look at junk-bond king Ira Rennert's gigantic house on the waterfront. A 110,000-square-foot home on 63 acres, Rennert's Hamptons mansion is considered one of the largest occupied pieces of residential real estate in the US.

Based on his nearly $400,000 tax bill, the house could be worth up to $198 million dollars.

Hedge-fund tycoon David Tepper also owns a house in the village. He bought a house on Gibson Lane in 2013 for $43.5 million, promptly tearing it down and building this one — at twice the size.

Next Story Nainital bucket list: 9 experiences you can't mi...

View All Latest