BUYER: Billy and Katie Lee Joel
LOCATION: Gibson Lane, Sagaponack, NY
PRICE: $12,999,000
SIZE: 1,500 square feet (approx.), 3 bedrooms, 2 bathrooms
DESCRIPTION: Oceanfront Sagaponack. Just renovated…beach cottage. 3 bedrooms and 2 full baths. New kitchen, baths and floors. The whole house is freshly painted white. “Potential” for new home with pool and finished basement on 1.6 acres.

YOUR MAMAS NOTES: According to Braden Keil in his recent Gimme Shelter column in the New York Post, mega rich singer and property maven Billy Joel has purchased another oceanfront property in swanky Sagaponack in the Hamptons. If the children will search the dark recesses of their minds, you’ll recall that back in early June, 2007, Mister Joel forked over $16,500,000 to famed film actor Roy Scheider for a 5,000 square foot shingled ocean front house as a romantic gift for his wife Katie Lee. Ain’t that sweet?

According to Keil, the notorious property hound, who has more houses than Your Mama can count on one hand, has reportedly gone to contract to purchase the property next door to the old Scheider place which was on the market for $12,999,000. Incorporating this property will give the couple another 1.2 to 1.6 acres (depending on the source), and another 140 feet of ocean frontage on topless sunbathing friendly Gibson Beach. Miss Katie Lee must be very secure that her man won’t be sitting out on the veranda ogling all the tan titties next summer.

The new property includes a 1,500 square feet (approx.) shingled shack with 3 bedrooms and 2 bathrooms. Listing information states that the entire house has been freshly painted white, which is really the least one could hope for when purchasing a $12,999,000 house, even if it is just an obscenely expensive and crappy beach shack. Mister Keil reports that he hears the Joel’s may turn the place into a recording studio.

When combined, the Joel’s two property compound will encompass nearly three acres of prime ocean front property and will have cost him nearly $30,000,000. Which certainly sounds extravagant until you consider “Fair Field,” industrialist Ira Rennert’s 100,000+ square foot, 29 bedroom and 40 bathroom behemoth beach shack which is just a hop, skip, and evening stroll from the Joel’s compound.

There are two more properties on Gibson Lane (not currently on the market as far as we know), and Your Mama has to wonder if Mister and Missus Joel are privately negotiating to purchase those properties as well. We haven’t heard that rumor, but it certainly wouldn’t surprise us at all.