OverThere

A residential estate in New York's fashionable Hamptons has sold for 74.2 million ($90 million), setting a new US record.

The 40-acre estate is surprisingly modest, with a three-bedroom farmhouse and converted barn. There are two guest-houses, a two-bedroom caretaker's house, a fully stocked pond and a 75-foot pool.

It was sold privately by Adelaide de Menil Carpenter, a professional photographer and heiress to the Schlumberger oil company fortune, according to local broker Tara Newman.

Although the name of the buyer has been kept under wraps, he is known to be a Swedish industrialist.

The Hamptons, a two-hour drive from the city, is the famed summer playground of New York's rich and famous. "It's a celebrity petting zoo," said Ms Newman. "It's pseudo country. You have the ocean, the best food, but you don't pay 20 ($25 ) for a burger in the country or go to the beach in a 247 ($300) swimsuit.

Ms Newman said the record-breaking sale would certainly change the market. "It could turn people off or it could make people think their houses are a lot more valuable than they really are," she added. "But this sale is absolutely a one-off."

The previous national record for a residential property was €57.76 million ($70 million), paid by billionaire Ronald Perelman for a Palm Beach mansion last year. ( PA )