Charles Lazarus, the founder of Toys 'R' Us, has sold his home in Quogue, New York for $11.2 million.
A report from 27 East said that Lazarus' Quogue mansion has just been sold to an unknown buyer. According to Marcia Altman, the broker who handled the listing under Brown Harris Stevens, the real estate was sold for $11.2 million. However, she did not reveal the identity of the buyer.
"He's another captain of industry, in the financial world," Altman simply said.
This piece of real estate, also known as Freedom Point, was originally built in 1896 but burned down shortly after when the three-storey home was hit by lightning. The mansion, with coffered ceilings and French doors, was rebuilt by then-owners in 1900, placing the same number of bedrooms and bathrooms as the original one. At present, there is a gatehouse which can be used by guests. This piece of house sits on what used to be a stable, with a tower topped by a windmill.
When Lazarus placed his Hamptons property on the market in July 2015, he listed it for $13.5 million, The Real Deal noted. The new owner of this house, sitting on 6,500 square feet of land, will enjoy the eight bedrooms, especially the huge master's bedroom with balcony, and the six-and-a-half bathrooms.
Aside from these rooms, the estate has a croquet field, a boathouse and a massive heated pool. It is also filled with antique toys and Toys 'R' Us memorabilia. Although the property was sold around $2 million less than the original listing price, the broker revealed that it went into contract phase in October, just around three months following its listing.
Altman retorted, "The uniqueness of the whimsical multiple structures, along with the view, croquet court and lawns, drew in several serious buyers."
Lazarus bought the home in 1962, 14 years after he founded the retail toy store giant, Toys 'R' Us.