$147 Million Further Lane Property in Legal Wrangle Over Broker's Fees

The most expensive residential property in the United States is back in the news once again after brokers from Corcoran sued for $8.82 million in uncollected commission fees and damages it has been reported in The Real Deal and JD Journal.

60 Further Lane, which was sold by the estate of Christopher H. Browne to Barry Rosenstein in May for $147 million, according to an article in Forbes, was the subject of a New York Times Homes and Gardens feature. Click on the link to see a slide show of the gardens.

Browne bought the 18-acre property from Elizabeth Fondaras in 1996, but, as stipulated in the sale agreement, she was to have the privilege of using the house during the summers for several years after it changed hands. As a result Browne, and his partner Andrew Gordon, focused their attention on the property’s grounds until they were able to take possession of the house.

Browne died in 2009, and left the estate to Gordon. In January of 2014, according to The Real Deal and JD Journal, Browne’s estate contracted with Corcoran to “exclusively market” the estate for $150 million.

Pam Liebman, the president of Corcoran and Tim Davis, of Southampton, have now filed a lawsuit against the estate for breach of their agreement and to collect the commission stipulated in the contract.

The property did not linger unnoticed on the market for long after it was listed. In March, three months after hitting the market, the estate’s lawyer, Ken Halcom, received an offer of $75 million, which he declined. The offer was then upped to $125, which was also refused. JD Journal then reports that Halcom told the Corcoran brokers the listing price was too high.

In the lawsuit, Corcoran claims it then received another offer for $155 million, but that the defendants privately negotiated the sale for $147 million to Barry Rosenstein, the current owner.

The lawsuit was filed in Suffolk County on Wednesday. Rosenstein is accused of negotiating directly with the estate to save the cost of the broker’s commission. Rosenstein’s reps say the dispute is between the brokers and lawyers for Browne’s estate. The courts will now step in to determine whether a commission is due.