NYC venture capitalist lists 14,000-square-foot mansion for $120M: ‘I’m done with the Hamptons’

After more than 20 years of owning in the Hamptons, Ann Tenenbaum is calling it quits.

The venture-capital investor and philanthropist is listing her lavish East Hampton estate for a cool $120 million following the death of her husband, private-equity legend Thomas H. Lee, last year. That asking price makes this property the most expensive now for sale in the East End.

“It was very much his place,” Tenenbaum told the Wall Street Journal, which first reported the listing. “I loved having family and friends around. I just didn’t love the Hamptons.”

The oceanfront property they shared is located near the ultra-exclusive Further Lane.

The property, with its ultra-wealthy neighbors like hedge-fund honcho Barry Rosenstein, spans about 3.6 acres of prime Hamptons real estate. The main house boasts around 14,000 square feet with eight bedrooms — while a separate two-bedroom guest cottage, a pool and a tennis court add to the allure. The property also features a grand 225 feet of direct ocean frontage.

The couple rebuilt the mansion not once, but twice.

After purchasing the estate for $16.2 million from the socialite Lee Radziwill in 2001, they undertook major renovations, only to start over again after a devastating fire in 2013.

“Nobody was hurt, that was the No. 1 thing,” Tenenbaum told the Journal.

One of the home’s standout features is a tunnel connecting the heated pool to the lower level, ensuring no sand from the beach gets tracked into the pristine living areas. Tenenbaum got the idea from a similar setup in Positano, Italy.

Despite the grand rebuilds and frequent entertainment, Tenenbaum felt out of place in the Hamptons. “I’m done with the Hamptons,” she said. “Now it’s my time to go be in Santa Fe or Malibu or Greece — I don’t know — maybe I want to be a gypsy for a little bit.”

Tenenbaum’s fondest memories include hosting her children’s friends, with their home bustling with activity all summer long. “We had an open-door policy,” she said. “It was fun, but it was a lot of work by the end,” even with help.

The Tenenbaum-Lee estate was originally part of ink magnate Frank Wiborg’s sprawling 80-acre oceanfront property. Tenenbaum and Lee’s meticulous restoration aimed to preserve its historic charm while infusing it with their personal touch. “I don’t like McMansion-type houses,” she said, preferring authenticity over ostentation.

Amenities include a full lower level featuring a screening room, a gym, a wellness center and a private grotto leading to an oceanside heated pool nestled in the dunes, the listing states.

Despite her decision to leave, Tenenbaum acknowledges the Hamptons’ magnetic pull on her children, hinting that the family might still get a smaller place in the area.

Hedgerow Exclusive Properties and Adam Modlin’s eponymous Modlin Group share the listing.