A one-bedroom trailer that sits on land purchased for $ 300 in 1956 is now on the market for an astonishing $ 1.2million . How is this possible ? Ask neighbors Jerry Seinfeld and Paul McCartney . The .36 acre plot just happens to sit in the exclusive Amagansett South enclave of the Hamptons , near a beach coveted by the super famous and uber wealthy . A home near the property -- which is owned by fisherman Richard Lester , 79 , and also features an old shack crammed with fishing gear -- recently fetched $ 4million . Scroll down for video . Huge price difference : The site of this modest one-bedroom trailer in the Hamptons in New York 's Long Island was bought for just $ 300 in 1956 . But nearly six decades on , the property ( including the $ 15,000 trailer , pictured above ) is on sale for a whopping $ 1.2million . All about the location : The property , owned by fisherman , Richard Lester , 79 , sits in the exclusive Amagansett South enclave , where a home recently fetched $ 4million . Its new value , $ 1.2million , is likely due to the Hamptons 's popularity with celebrities and bankers . Another feature : In addition to a trailer , the site also features a blue-colored shed crammed with fishing gear and storage boxes . The property listing at Zillow.com is actually up $ 100,000 from a month ago . However , the plot originally listed for $ 1.6million when it hit the market in October . Situated just one mile away from the ritzy Indian Wells Beach , it is surrounded by the rich and famous , including Jerry Seinfeld and Paul McCartney . According to Douglas Elliman Real Estate , which has listed the site , it could easily be transformed into a 4,000sq ft house with a huge swimming pool . On its website , the real estate company tells potential buyers : 'You are not dreaming , this mobile home is over a third of an acre on a private third of an acre flag lot in Amagansett South . Just a mile away from Indian Wells Beach , south of the highway location adjacent to a home that just sold for $ 4M . ' It adds : 'Use as is now , while you plan for your 4,000 square foot new house with 20 foot x 50 foot swimming pool . ' Speaking to the New York Post , Mr Lester explained how he had moved the $ 15,000 wood-paneled trailer to the $ 300 land in the late 1950s . ' I had to work my a** off to get that , ' said Mr Lester , who lives in the small property with his wife , Tess , and still works at sea . He added he was shocked by the site 's new value , which is likely due to the Hamptons 's popularity with celebrities and bankers . Location : Situated just one mile away from the ritzy Indian Wells Beach , the property ( circled ) is surrounded by the rich and famous . Homes in the area come with the type of perks you would typically find at a five-star resort , including swimming pools and tennis courts . Front garden : According to Douglas Elliman Real Estate , the site could easily be transformed into a 4,000sq ft house with an enormous swimming pool . 'Use as is now , while you plan for your 4,000 square foot new house with 20 foot x 50 foot swimming pool , ' the firm says . Mobile home : Mr Lester explained how he had moved the $ 15,000 wood-paneled trailer ( pictured ) to the $ 300 land in the late 1950s . ' I had to work my a** off to get that , ' said Mr Lester , who lives in the small property with his wife , Tess , and still works as a fisherman . When asked if he ever thought he would land 'the big one ' in the property world , he replied : 'Not in God ’ s world . I think it ’ s ridiculous ! ' Listings agent Ray Lord , of Douglas Elliman Real Estate , said the price of the site is based solely on its exclusive , highly sought-after location . Indeed , the Hamptons is not only a desired location for wealthy homebuyers , but also a popular summer hot-spot for sociable multi-millionaires . There are now a handful of Hamptons owners who each year ask for more than a million dollars to rent out their pads for roughly two months . Neighbors : The site is surrounded by the rich and famous , including comedian Jerry Seinfeld ( right ) and singer Paul McCartney ( left ) Homes in the area come with the type of perks you would typically find at a five-star resort , including outdoor swimming pools and tennis courts . Many also feature indoor pools , basketball courts , bowling alleys , indoor half-pipes and racquetball courts that convert to squash courts . Speaking of Mr Lester 's on-sale land , trailer and shed , Mr Lord said : 'Erase the trailer from your mind and it ’ s $ 1million for land . ' He added that all potential buyers so far have been builders . 'No one , I imagine , would build less than a three-bedroom , three-bathroom house , ' he said .
Fisherman Richard Lester , 79 , bought site for $ 300 in 1956 and later added modest one-bedroom trailer for $ 15,000 . Now , the property , situated in exclusive Amagansett South enclave in Hamptons , is on sale for whopping $ 1.2million . The listing price is up by $ 100,000 since February but the .36 acre plot initially listed for an astonishing $ 1.6million in October . It is close to Indian Wells Beach and surrounded by the rich and famous , such as Jerry Seinfeld and Paul McCartney . According to Douglas Elliman Real Estate , it could be easily transformed into 4,000 sq ft home with a swimming pool .