Madonna Tames Wild Horses
The New York Post reports the property only has a "grooms apartment" for keeping horses. No house is in the cards because the property's development rights are likely owned by Suffolk County. Madge is angling for purchasing additional, 23.8 acre adjacent property also likely to remain undeveloped.
The Material Girl better not think she can use her star power to build a home there...
Madonna will not be permitted to build a residence on either property if the development rights have already been sold. In an effort to maintain the agricultural history of the east end of Long Island and to quell surge of housing developments, a property transfer tax was levied against home and property buyers.
The tax, which is 2% of the purchase price, is due at closing. On the North Fork, the first $150,000 on improved land is exempt. On the South Fork–otherwise known as the Hamptons, the first $250,000 of the purchase price for improved land is exempt. This means that the land can only be used in perpetuity for agricultural purposes. The land owners are usually allowed to build "farm" buildings such as barns or greenhouses on the property, but not a private residence.
The 30-acre property, located in Bridgehampton, New York was previously owned by Calvin Klein's ex, Kelly Klein. The agreement between Ms. Klein and Ms. Kabbalah was unusual in that the purchase price of just under $10 million was made without a broker.
The horses did their best to prevent Madonna's arrival in their neighborhood, too. One bucked her off earlier this Spring. Madonna, however, doesn't scare easily.
via Real Estalker