A magnificent 33-acre beachfront estate on the Gold Coast of Long Island—filled with rich history and featuring a home built by world-renowned architect Edward Durell Stone—is being sold to the highest bidder through an auction.
“Villa Riele is one of the area’s legendary estates,” according to the official auction listing by Elite Auctions.
The property was once part of the estate of Gilbert Bayard Colgate, great grandson of William Colgate, who founded the company that would become Colgate-Palmolive, according to Tara McLean, president of Elite Auctions.
Gilbert Colgate, who served as a director of the Colgate company, was also one of the founders of Planned Parenthood. He won a bronze medal in the two-man bobsledding competition at the 1936 Winter Olympics, McLean added in an email Q&A.
The no-reserve auction takes place Aug. 1, 2020. The property was listed for sale in July 2020 for $18 million, according to realtor.com.
The 33-acre piece of land with a quarter-mile stretch of private beach is already subdivided into four lots, all included in the auction. The principal property sits on 11 acres. The other lots are 10 acres, 9.8 acres and 2.2 acres in size.
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