This $300 Hamptons Trailer Bought in 1956 Is Now on Sale for Over $1 Million

This $300 Hamptons Trailer Bought in 1956 Is Now on Sale for Over $1 MillionThis $300 Hamptons Trailer Bought in 1956 Is Now on Sale for Over $1 Million
Augustine Reyes Chan
March 30, 2015
A trailer house on land bought for $300 is now on the market for $1.2 million.
A humble one-bedroom, one-bath trailer in Amagansett South in the uber-wealthy Hamptons is on sale for an astonishing $1.2 million.
If you don’t believe the whopping price tag, know that the neighborhood is home to such stars as Jerry Seinfeld and Paul McCartney. The land for sale is .36 acres and is a just a mile away from Indian Wells Beach, one of the most popular beaches in the Hamptons. All things considered, the trailer is a bargain given that a nearby home recently sold for $4 million.
Richard Lester, a fisherman who owns the trailer, told New York Post that he paid only $300 for the property in 1956. He then added the 700-square-foot trailer, which cost him $15,000, a few years later. He still lives with his wife Tess on the property while it’s up for sale. Lester, 79, said, “I had to work my ass off to get that” land and trailer.
When asked if Lester ever thought his property would rise in value exponentially, he said,

Not in God’s world. I think it’s ridiculous!

You’re not buying the trailer, though; you’re buying the land. Ray Lord, a listings agent for  Douglas Elliman Real Estate, said that all potential buyers are “builders” who will definitely tear down the trailer and build a “Hamptons dream home.” Or you can live in the rinky-dinky trailer now and build later. As the listing says:

Use as is now, while you plan for your 4,000 square foot new house with 20 foot x 50 foot swimming pool.

The run-down trailer, which also includes a shed crammed with fishing gear and storage boxes, has actually increased in its asking price since its listing — up $100,000 from last month.
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