Tuesday, September 16, 2008

Joe Gregory Is Getting Out of the Hamptons

SELLER: Joseph Gregory
LOCATION: Surfside Drive, Bridgehampton, NY
PRICE: $32,500,000
SIZE: 9,500 (approx.) square feet, 8 bedrooms, 8.5 bathrooms
DESCRIPTION: Views of the Atlantic Ocean and luxurious interiors are the highlights of this stunning residence. Homes like this rarely come on the market. Set on 2.5 acres this home is protected by expansive dunes in the heart of Bridgehampton. With over 200 feet of Oceanfront and pristine sandy beach this home boasts incomparable views and resort like amenities. This "Hamptons Grey" shingled home is just two years old but has the charm of cottages built a century ago...

YOUR MAMAS NOTES: In light of the financial markets swirling down the proverbial terlit, the U.S. government's multi-billion dollar bailouts of Fannie Mae, Freddie Mac and insurance giant AIG and this week's mind blowing bankruptcy filing by old school Wall Street investment bank Lehman Brothers, Your Mama thought the children might get a kick out of a look-see at the Hamptons summer home of Joseph Gregory that is on the market for a bank account busting $32,500,000. For all the children who do not watch or read the financial news, Mister Gregory is the gentleman who acted as the Chief Operating Officer, President and Managing Director for the now defunct Lehman Brothers until June 2008 when he was unceremoniously and very publicly tossed out on his green suit wearing big bonus booty.

Two years ago, back when many Wall Streeters were still telling the public that the looming sub-prime mortgage meltdown was nothing to worry about, Mister Gregory and his philanthropically minded wifey Niki scooped up this newly built ocean front house for an amount of money that Your Mama isn't able to sort out. However, given that this house is located on swanky Surfside Drive on 2.5 acres of prime Bridgehampton ocean front land and considering that Mister Gregory's 2007 compensation package was reported to have been in excess of $26,000,0000, it's probably safe to assume that he and the Missus Gregory forked over for more money for their weekend house than most of the children will see in a lifetime...or two.

After purchasing the speculatively built mansion, the couple, whose primary residence is located in Lloyd Harbor, NY, reportedly spent another couple of million clams upgradin' and decoratin' their approximately 9,500 square foot beach behemoth that includes a two story entrance hall with floor to ceiling raised paneling, a large living room with a coffered ceiling, fireplace and at least two built in televisions, several formal and casual dining areas, an all white gore-may kitchen with every appliance amenity available, a den, media room, conservatory and an entertainment salon on the second floor that opens to the large ocean view deck.

In addition to the two gigantic master suites–one done up in pukey pink the other in baby blue–which open up to the above mentioned second floor deck, there are six additional bedrooms each with a private pooper, a feature Your Mama imagines every family member and weekend guest can appreciate when it comes time to cope with the previous evening's din-din of lobster, Krug and caviar. Other interior amenities include four fireplaces, ten foot ceilings on the main floor, quarter-sawn oak plank flooring, all manner of meticulous mill work, and, natch, a high tech security system.

Outside, the spectacularly simple 50-foot gunite swimming pool and spa (on the ocean side of the house, thank you) are surrounded by velvety lawns that lead to a private path across the dunes to 200 feet of quasi-private and very swanky Bridgehampton beach front.

As for the day-core? Feh! Obviously, a butt load of Wall Street bread was spent on Scalamandré drapery fabrics, custom woven rugs and a truck load of ginger jar lamps, but it's all so damn ordinary looking and lacks personality. Besides, who can imagine strolling in to this house with sandy feet and a wet bathing suit without incurring the steely glare of Hattie the housekeeper? Not Your Mama, that's for sure.

So why are Mister and Missus Gregory selling up their ocean front getaway after millions in renovations and just two years of owning? Well, according to their real estate agent it's because the couple have spent almost no time at the house since completing it's over-haul and may have only used the house a total of 14 days since purchasing and upgrading the posh property. Fourteen days! Whaaat?

Well children, that may be true (or it may be the party line), but the real estate cynic in Your Mama doesn't think it's such a coinky-dink that this house hit the market right about the same time Mister Gregory found himself without a damn job. We're not saying anything, 'cause Your Mama don't know the sea from the sky, but we're just sayin', you know?

Your Mama imagines that with Lehman Brothers shutting up shop and letting go tens of thousands of employees, all the hoity toity Hamptons brokers are prolly bizzy as beavers fielding phone calls from investment bankers who no longer have fat paychecks to pay for their multi-million dollar summer houses. And Your Mama bets all you folks out there struggling to pay your own mortgages feel just terrible for them too, right?

40 comments:

pch said...

It looks like the "Shingle Style" model in an upscale tract development.

fairfield girl said...

Well if you took all the furniture out of the house and painted tan I'd like it. ha ha just joking. I love the white wood work, and the bones but not the decorating. You know Mama I have a love for the color pink but I didn't paint my bedroom that color much less the ceiling. I'm curious if the Mr would ever spend a night in that room. I don't think I would, icky. As for the beach front property I'd love it!

Anonymous said...

I'm praying for a plague of termites to swoop down on this overpriced woodpile, along with pesky plumbing problems and a tornado to top it off. Why shouldn't the Gregory's get wiped out like everyone else who believed in him and his lousy company?

Anonymous said...

Mama referred to all of the "Scalamandré drapery fabrics" in the house--possibly Mr. & Mrs. G. didn't pay Scalamandre for all of the fabrics--as of yesterday the Scalamandre showroom in the Dallas, TX design center is currently closed--they have been locked out of their showroom by the management company due to not paying their rent.

Meg said...

I bet a good portion of the bonus booty from his firing was in stock options... which have now melted down to being $26,000,000 (give or take a couple mil) in paper. And the mortgage on that baby can't be paid in recyclable paper.

I love, love reading your blog, by the way.

Anonymous said...

Love the charming house, hate the decor. Hate to think that they paid anyone to do up the house with so many chatchkis (sp?). Maybe it was "Decorating Den" the company that sends out two decorators in a van with color and fabric samples, women who got their licenses mail-order, and who work as "professionals" part-time because they're children have gone off to college? No juiciness, personality, sass or real style. It's really awful. Mama was right - money don't buy style. OK, well it CAN, but only when you find a GOOD designer.

But the architecture's lovely, and the landscaping divine in its simplicity. I particularly like scale of all the interior molding and paneling - it's tough to get interior scale just right, and it's often over-sized these days, giving it a cartoony appearance. And the upstairs balcony tucked under the eaves - perfect. I want to sit out there with my morning cup of coffee, listening to the ocean and the birds, and watch the day come.

If I had an extra 32MILL I'd take it! Have a garage sale to get rid of every single Decorating Den item and do it up right.

Thanks for the great photos, Mama!

Anonymous said...

Thank you Mama! Of all the recent real estate listings that Mama could have chosen to examine today, she chose the one from the ousted Lehman CEO. Mama's hot links are spot on, well chosen and show that Mama can spot more than poor decorating style.

A firm believer that what goes around, comes around I'm delighted to think the SOB who cost so many folks their jobs this week, may be feeling some of the pain himself.

stpaulsnowman said...

LGB........I'm counting on you for the goods on this one!

StPaulSnowman said...

Is that a school of dead fish mounted on the hall wall?

average joe :) said...

what I would like to know is when I can get a penthouse in manhattan for 200k ?

or a huge estate in Beverly hills CA for 500k ?

or can these rich folks continue holding up the high end of the RE market place ?

I have cash !!!!!!

and

I told you this was going to happen with wall street

ha ha ha

btw I heard Lehman Brothers were

630 BILLION in debt

yes 630 billion

any care to comment on that ?

:)

fairfield girl said...

I think your right Stpaulsnoman

Anonymous said...

I've worked with bankers and hedge fund traders.

Because furniture is a wasting asset that's not to be depreciated, all purchases are made at Overstock.com

All bankers and traders favor either the house from 'Risky Business' (Glen Ellyn falls in love with Surprisingly Wicks) or the loft in '9 1/2 Weeks' (Miami Vice with socks to cover those smelly feet). Fortunately, Overstock caters to both looks.

so_chic_darling said...

Looks like a Peninsula Hotel stuffed into an Architectural Digest cover circa 1989.

Sandpiper said...

Could these interiors be more tightly wound? Where's the sense of beach house and fun? I bet there's not a stick of furniture in the place that wasn't a tree three years ago.

so_chic_darling said...

Money can't buy you class, just ginger jars!

lil' gay boy said...

Snowman, I'll do my best!

It seems that they only spent about two weeks total in the house, which is not surprising, as their main abode in Lloyd Harbor is about an hour away, with heavy traffic. Lloyd Harbor is known for its 2+ acre zoning, and historic estates such as the now demolished Rosemary Farm, and, just across the estuary, the former Marshall Field estate, Caumsett.

This may be a new house for Bridgehampton, but it appears to be done by one of the higher quality builders on the East End, given its relatively good bones (although they could have flushed the $2M down the toilet for the appeal their "upgrading" has.) Two doors to the east is a well known contemporary by Gwathmey Siegel, I believe.

Oddly enough, Mr. Gregory also appears to own the adjacent lot in Lloyd Harbor, which, unless I miss my guess, is the one that shows a house currently under construction.

StPaulSnowman said...

Thanks LGB.......I somehow knew you would come through in spades!

Trudy Styler said...

What happened to all the commenters? It's so quiet around here lately.

Anonymous said...

$32m for potential legal bills?

Anonymous said...

Don't think he will need any money for Lehman legal bills. All high paid bankers on wall street have contracts written to cover their fees by the employer or shield them from lawsuits altogether. His company made have made bad bets on subprime but he is not stupid.

Hopefully to bring prices and protect our economy the whole 0 down and no doc loans will be done away with. lowering lending standards so more minorities could become homeowners ultimately proved it will never work.

As for the decor. It is a little uptight but look at any hamptons home from someone working at Goldman and it all looks pretty similar.

bernthis said...

Thanks for ending my night on high note. I just pray that whatever they get for that home of theirs goes to repaying the government (aka you, me and the other sucker taxpayers out there)

Anonymous said...

The house originally went on the market a couple of years ago for about $15 MM, I think. It's right at the end of Ocean Rd, and sits adjacent to the public parking lot. The location is "great" if you like being on the beach, but for $20 bucks you can buy a parking pass and sit right in front of his sand dune. The only thing separating you from the locals is a row of 20 ft. spruce trees planted by the builder to block the view of the surfers changing out of their wetsuits at 7AM. No way it's worth that kind of money unless someone is dumb enough to pay that price, the way they did for Lehman stock.

Anonymous said...

Joe Gregory is a good guy, extremely charitable, modest and well intentioned.

I am sure he is hurting right now, perhaps emotionally, financially or otherwise.

He doesn't deserve scorn or ridicule.

Anonymous said...

As a teacher in the district Joe Gregory lives in- I concur- he is a generous, humble and supportive guy. His kids are so regular, and friendly- you'd never know they had any money.

Anonymous said...

Joe Gregory may be one of the few Wall Streeters that has given back to his community...He worked in an industry that everybody screwed up including the regulators, government (SEC) for years...All of you bloggers who do not know the man, you are haters who are jealous...This man has always done the right thing and has given on so many occasions that the list is too long for those who do not appreciate it ...stop hating...now
Richard Fuld...that's another story

Anonymous said...

Perhaps Mama should get his facts right because Joe Gregory, besides being the most generous and fun loving person I know, was not "tossed out". He gracefully left Lehman at the expense of saving Dick Fuld's ass.

Anonymous said...

The decorating isn't bad for a former manicurist....

Anonymous said...

This is a good man. I have personally witnessed his generosity and kindness. He is an awesome father and a loving husband. I'm amazed at how so many are enjoying hs demise.....when they were kissing his a 3 months ago. Ugh, people suck.

Anonymous said...

I have known the Gregory's for the last few years, and only know them to be generous in their giving,whether philanthropic or just day to day. Both Niki and Joe are wonderful people and unfortunately, this situation has created very negative reaction. I am someone who has not "gained" from my relationship with them, and truly, I only wish them luck.
The state of Wall Street is not about just Joe Gregory. One only need to have listened to Dick Fuld at his hearing.

Anonymous said...

I also have worked in the school district where Joe and Niki Gregory live. I have never benefited directly from his generosity but I could share an endless list of examples of how he has helped those in need. He has given much to so many people and is one of the kindest and most caring people I have ever known. He is a fine example for all of us. I wish him only the best. He and his family do not deserve the negative comments in this blog.

Anonymous said...

Well, anyone who was "up there" in Lehman have NO EXCUSE for what has happened here. They are ALL guilty. There is NO WAY they did not know what was happening to this company for a LONG time. If they didnt know then who did????
I would love to know how "generous" Mr. Gregory and his family have been. He should have been generous to his employees who lost their entire net worth, and jobs with Lehman stock. Behind the smile are the teeth that bit you.
He also owns two houses in Manchester Vermont one was a neighbor, and story has it that he did not like the look of it, so he knocked it down and built a new one. There is barely anyone in it, and it lay empty most of the time. Rumor has it that He did however show up a couple of times in his helicopter with some Wall street buds for lunch. Personal chef in tow. Flew in, ate, and flew back.. also bought a condo in Stratton, so he did not have to lunch in the lodge. It fine to make a lot of money, but when you deal with the lives and fortunes of others it is your responsibility to "do the right thing" obviously, this is not the case.

Anonymous said...

Mama you say that you can't find the purchase price?? Public records CLEARY indicate that he paid $19 Million on January 4, 2007

Anonymous said...

I KNOW THIS NIKI GREGORY AS NIKI
GOLOD../IF IT IS THE SAME NIKI
DON'T SAY PEOPLE ARE NICE UNTIL YOU LIVE WITH THEM. SHE IS NOT NICE
ESPECIALLY TO THE HELP. SHE FIRED A BABYSITTER FOR GETTING SICK, CAN'T FEEL SORRY FOR GREEDY PEOPLE.

Anonymous said...

To Anonymous above:

Ridiculous. I was "help" for Mrs. Gregory and only saw her be kind and generous to her staff.

When did being a manicurist deem you "unfit to decorate"?

haters.

Anonymous said...

To both above.. Niki Gregory got me fired from my job as a corporate flight attendant two years ago. Her demands were insane for an hour and a half flight- you wouldn't believe. I am not normally a malicious person, but I am loving that maybe now she'll get knocked down a peg or two... Joe Gregory on the other hand was very nice. They always say it's those "corporate wives" that you have to beware of!

Anonymous said...

Read The Devil's Casino and then comment again. It's easy being generous with other people's money.

Anonymous said...

Rumour had that Joe Gregory was an extremely arrogant pompous boss who was primarily responsible for the demise of Lehman. He held more of the reins than CEO Dick Fuld did. The stories are endless. Apparently he fired a key analyst for questioning him by saying they were taking on too much risk. Joe Gregory's arrogance was ultimately one of, if not the, key reason Lehman failed.

Anonymous said...

Hey Dad! How about dropping me off at school on your way to work? We can land on the football field.

Anonymous said...

I knew Joe and Niki (before they were married) and they were always kind and caring friends and wonderful to all they knew.
Money can evolve you into something you really aren't. In their case, they started out as great human beings yet under the test, wound up becoming people they never really could have been in the first place.

Anonymous said...

I wonder where Niki and Joe are today. I hope they feel a great sense of shame. I saw an article where their furniture was sold at auction. I can't lie- I was happy. For those defending Niki Golod Gregory- I have seen first hand was a malicious b**ch she was. Maybe she was nicer earlier in life but money changed her. I have never had anyone treat me as poorly as she did- and it wasn't warranted. Oh, if only she could read this- What goes around comes around Niki. Karma is a b**ch just like you!