Ralph Lauren pays US$16 million for Hamptons beachside home once owned by Edward Albee
- The American fashion designer, 79, who agreed to the deal in December, had already bought homes on either side of the four-bedroom property in Montauk, New York
Fashion designer Ralph Lauren has paid US$16 million for a house in the Hamptons that belonged to the late playwright Edward Albee.
The New York-born Lauren, 79, agreed to buy the home in the village of Montauk, New York, in December, reports said.
The property had been valued at US$20 million.
Lauren reportedly already owns the properties on either side of the former home of the American dramatist, best known for plays including 1962’s Who’s Afraid of Virginia Woolf?, who died at the property, aged 88, in 2016.
Albee had lived in the house on and off for more than 50 years and wrote many of his plays there, the property agent, Mansion Global, said.
Proceeds from the sale will benefit the Edward Albee Foundation, which supports writers and artists through its residency programme, property company Douglas Elliman said.
Check out the Hamptons property, which includes a main house, guest house and 200 feet (60 metres) of oceanfront.
