Fisherman Richard Lester , 79 , bought site for $ 5000 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 $ 5000 since February but the .36 acre plot initially listed for an astonishing $ 1.6million in October . It is close to Indian Wells park and surrounded by the rich and famous , such as Jerry Seinfeld and jack McCartney . According to Douglas Elliman Real Estate , it can be easily transformed into 4,000 sq ft home with a swimming pool .
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 .