Billionaire fashion king Tom Ford has purchased a piece of real estate in the Hamptons that doubles as a slice of 20th century American history. Ford was just revealed to be the buyer of the 7-acre East Hampton estate where Jacqueline Kennedy Onassis (then known as Jacqueline Bouvier) spent much of her summers as a child, before growing up to become First Lady of the United States alongside husband John F. Kennedy.
The Bouviers, were wealthy through their investments in banking and real estate. Jackie's great-grandfather, John Bouvier, was a successful banker who founded the investment firm Bouvier & Co. Her grandfather, John Vernou Bouvier Sr., also worked in banking and real estate, and was an investor in the construction of the Waldorf-Astoria Hotel in New York City.
The Bouviers' wealth began to decline in the early 20th century. Her great-grandfather lost a significant amount of money in the stock market crash of 1929. Her grandfather, Major John Vernou Bouvier Jr., was also a poor financial manager. Major Bouvier spent lavishly on his lifestyle. He also gambled heavily and lost a lot of money. One of his most lavish splurges was this very estate in East Hampton that Tom Ford just acquired.
By the time of his death in 1948, Major Bouvier was bankrupt.
Tom Ford paid $52 million for the property, which is known as Lasata. That's a little bit of a discount compared to its original asking price of $55 million, but still a very substantial profit compared to the $24 million that the seller, producer David Zander, paid for it in 2018. Interestingly, Zander bought the property from Reed Krakoff, another designer from the fashion world.
Tom's purchase comes about a year after his fashion label was acquired by Estée Lauder for almost $3 billion (in other words, he can afford it).
Here's how the Lasata estate was described in marketing materials for the property:
"Seize the rare opportunity to own a piece of American history with Lasata, the former Bouvier family summer retreat during the 1920s, aptly named 'Place of Peace.' This magnificent estate has had only four privileged owners since its inception over a century ago. Constructed in 1917 and masterfully designed by renowned architect Arthur C. Jackson, the property spans 7.15+/- acres and is adorned with century-old Linden, London Planes, Cork, and American Elm trees. Meticulously restored in 2007 and again in 2019, the estate's integrity has been carefully preserved while infusing modern elegance. The soothing sound of ocean waves can be heard throughout the expansive eight-bedroom main house, separate two-bedroom guest cottage, pool house, and a three-car garage equipped with a workshop. The impeccably maintained grounds feature lush lawns, mature specimen trees, and a vibrant flower meadow, perfectly complementing this idyllic setting and elevating it to a timeless masterpiece. Don't miss this extraordinary opportunity to acquire one of East Hampton Village's most distinguished estates, presented in pristine condition."
Now, Ford is the latest steward of this historical piece of real estate that goes back more than a century. But you can still get a look at Lasata for yourself below, from Charlie Forsman on YouTube:
