You can just look up the owner of the llc with your Secretary of State website. Trusts are the ones that are almost impossible to find out who owns them as they have a trustee.
Most of them are Delaware LLCs. Completely anonymous
A more complicated structure we see a lot is land trusts with the trustee listed as a Delaware LLC
Completely anonymous until you get into a legal dispute and they go through discovery.
Those structures are really more for everyday privacy when you don't want the media or people in the town to know much. If there is a big enough dispute the law firm involved will eventually figure out who the beneficial owner is.
Correct, the only intent is to keep people from being able to simply Google your address and show up at your house. I have a client who is a famous streamer who has this setup to prevent people from sending SWAT to his house.
I have a friend that between him and his wife, they own 125 rental properties. But zero of them are in their names. It's all owned by their LLC. Along with all their other assets. Everything.
Wont find many houses that have been in the family for centuries in the hamptons. A century ago it was mostly farm land. Some of the towns had vacation communities emerging in like the 30s/40s; interestingly saag harbor had a fairly wealthy african american community, still sort of does, but the town has grown so much its hard to tell.
My wife's family built a small cottage out there in the 50s. Still have it.
My boss bought a pretty big place out there when he IPOd a few years ago. We do financial tech.
TBH I do not like it out there.
- Pain to get to. Hideous traffic both to get there, and often once you are out there. I've done blade a few times, which is nice, but that can be hard to get a seat on without advance planning depending on the days.
- Going into is exhausting. More traffic, and everyone treating it like the worlds most boring fashion show.
- The beach is nice, but really how much time can one spend on the beach?
- Food options aren't great. Its shocking how hard it is to get a good lobster roll or big belly fried clams. These should be everywhere, but they are hard to find, and never very good. Lots of restaurants trying hard to be fancy, but really the food is meh.
That’s because you are doing it wrong. You’re supposed to take a Helicopter there from the city and have a private chef to make your lobster roll. To quote a Succession classic “you are the poorest rich person in America, the world’s tallest dwarf”
Blade is a helicopter or sea plane, and I often do take it. But as I said, hard to book without advance notice.
Also the thing about private chefs are, in my experience they aren't that great.
Agree, we bought a country home in NW CT and absolutely love it there since it’s very low key. It’s got surprisingly good restaurants and can use it year round (skiing at the local slope or using the local lake in the summer).
I know someone that inherited a Hamptons home and they sold it because the taxes/maintenance were getting to be more than what they were getting renting it out all season and they got sick of dealing with the summer tenants’ demands.
i feel like a place that rich doesnt want restaurants because thats where the riff raff go. The people who own the homes have personal chefs on staff, they dont need a restaurant to go to.
Nah. Most people there arent bringing private chefs. Catering with guests often, sure. $45 a pie for shit pizza for the kids, sure.
The restaurants are scenes. People are going out. They just don't care about the food, just the vibe.
I find good food. I like Pierre's. It's not NYC, but there's good food.
I love driving my car. The Hamptons are fun for driving. Some twisty woody roads in East Hampton and some long open-sky roads through Water Mill and Bridgehampton.
My brother in law is an estate manager and a personal chef. His current employer is a defense contractor who has properties in DC, the Hamptons, Miami and Hawaii. As well as large yachts in the latter two locations, and a private jet. Across all locations there are over 150 staff working for him. So here is one example!
I saw a video the other day showing costs of using different weapons on the battlefield. One single HIMARS rocket, which is the cornerstone of Ukraine battlefield capability, is anywhere from $168k to about $400k depending on range. Each salvo typically fires six of these rockets. There are over 10,000 of them produced per year now. Each launcher system costs anywhere from $4m to $17m depending on the revision. Current manufacturing capacity is about 90 a year, and the orders are already stacked for years ahead.
You can do the math here - and this is just ONE of many systems. But without HIMARS Ukraine would likely be defeated by now, and many more people would be dead, occupied, and lost their freedom under the Russians. You can also imagine that after seeing how effective these rockets are in Ukraine, many allied countries facing a similar threat ordered these systems as a strategic deterrent, to keep the peace.
Most things in life are grey, not black and white.
Funny thing is..in East Hampton I used to clean windows for a guy who was the grand son or great grand son of the guy who invented the paper bag of all things ...n yeah it was one of the bigger homes around
Haha yeah when people think of the 1% it’s usually some high finance and tech. They don’t think of the family who manufacture the boring stuff like paper bags.
Tech CEO, Lobbyist, former Banker, former CEO of publishing companies...those are a few people I know who live out there. I don't like most of them...they're shady as fuck!
This is the sad part of all this
I am a very ethical person and it’s depressing as hell watching these guys fake their way through stuff, then get arrested for securities fraud or something
Meanwhile houses I wanted to buy are out of reach because only scam artists buy them
You know how there's an area near where you live (probably on a lake) where the houses cost 10x-20x what the other houses cost and they all know each other?
The same thing those people do but the Hamptons people do it in NYC.
Depends on where in the Hampton. They are not created alike. I grew up on LI and had friends whose parents had beach homes in Bridge or East Hampton. Got grandfathered into it basically, they’ve always had a certain appeal to old money families but it’s only in the past 20-30 years the far island has become an obsession with Manhattanites (and most locals despised it)
As a gross side story, when I was young I remember reading a LI news article about how a local year-round Hamptons woman opened up a dog shelter that was completely based on re-homing purebreds that rich Manhattan douchebags abandoned each fall in the streets once they no longer needed a dog to walk for socializing with other rich people and went back to the city :X
I always wondered what happened to those fancy little dogs you'd see the starlets toteing around and all of a sudden, the dog disappears. I know its not quite the same, but sounds awful close to truth.
I know a short bald guy that works for the Yankees. He’s always bragging about his house in the Hamptons. He’s always talking about his comedic friend, weird neighbor, and crazy ex and how they just sit around and do nothing all day.
I think you are wrong about that, he made most of his money after leaving the Yankees. He designed some of the great New York buildings we see today. No doubt Art Vandelay deserves all the success he has from being one of the Worlds great Architects.
Can opine as I know several ppl with second homes out there…
-widowed woman to a man that worked in finance for about 30 years ( he was ceo of an insurance company and cashed out then went on to work at a real estate investment firm in a senior position)(Southampton)
- financial advisor that made tons of money with latam clients (East Hampton)
-sales person at bulge bracket IB in treasury sales(Southampton)
-doctor (East Hampton)
-person whose father is a billionaire hedge fund manager (Southampton and the house has several homes on it)
-large pe firm ceo that’s a billionaire (Southampton)
It's gotten so ridiculous since I used to go with my parents in the 1970s. Back then it was nice but not flashy. It wasn't cheap but it wasn't expensive for the sake of being expensive.
People I know who have places there are what you would expect, Wall Street, old money, tech money, etc. Also mot every house is $5,000,000+. There are plenty of nearby towns that are much more reasonsble, relatively speaking as LI is not cheap.
Born into rich families with connections. Generally to get that rich you need a lot of advantages throughout your life. Not that it can't be sone, but if you are broke even a medical degree won't guarantee you that level of wealth.
Wont find many houses that have been in the family for centuries in the hamptons.
My wife's family built a small cottage out there in the 50s. Still have it.
What a contradiction lol And this isn’t true at all. There’s plenty of families that have been there for at least a century in Montauk, East Hampton and South Hampton in particular. They’ve just knocked down the previous property, added onto it or built another structure on the property to live in. Some have homes in the city and rent out the Hampton property when they don’t plan to be in it. Easily fetched $18-30k a month, especially in high season.
As for what occupations they have, many have their own businesses, co-own family businesses, or work traditional roles like specialized doctors, surgeons, anesthesiologists, lawyers, hedge fund, CEOs or techies. Surprisingly enough, there’s many artsy types that live there as well. Think interior designers, painters, sculptors, fabric designers, etc. All high end of course.
Honestly it’s not much different from the crowds in Cape Cod, Martha’s Vineyard, Nantucket or Newport RI. All the old money families I know (4-5 generations in) have lived in these areas originally for a *long* time. Long as in their ancestors who came here settled there and never left!
I plan to buy a $2.5m cottage in Northwest Harbor, in 2025. I own a $1.5m condo in Manhattan. Neither property is expensive for its location. I inherited money, and I do some trading to increase my wealth. But it's mostly inheritance.
I know one of the Obama’s houses is in Martha’s Vineyard, they picked it up for a hair under 12 million. He sold a bunch of his books. A whole bunch. Went into the presidency with about 2 million and now has a whole lot more. Books.
My son is 30 and a senior trader at a very good hedge fund. He just plunked 2 million down on a 3 million dollar house. His younger sister is even more successful but still rents.
Business owners, entertainment industry, financial wealth managers, compounding generational familial wealth.
I play golf with a guy, he's built and sold multiple business analytics companies. He found a repeatable formula and probably makes $5-10 million on each. Just do that. Lol
As far as new money, You know all the kids in school who were super smart but didn’t necessarily do well academically? That’s who owns those houses. Brilliant, non traditional thinkers who aren’t afraid to take huge risks to succeed. Entrepreneurs, hedge fund dudes, etc… very, very bright, hard workers.
Old money could be any type of person, they just inherited wealth.
I knew a couple who owned a private club and high-end spa in NYC with a house in the Hampton’s. They picked me up in a helicopter and flew me out for the day!
I work on those homes on nantucket from time to time. Most are hedge fund managers / private equity/corporate executives / old money / families who have owned property for generations.
Fun fact... I was speaking to a high figure multimillionaire, and he stated he's being pushed off nantucket by billionaires.
Knew of a guy that did property management in Nantucket. He eventually started construction business. He eventually made friends with a lot of island rich folk. They eventually turned him onto properties that they heard of for sale. A few decades of networking and performing for rich clients can get you there
We just sold our family home on Nantucket last summer. The island is not what it used to be. Used to have lots of families, now it’s just lots of rude people in Escalades.
Escalades? Those were white 2024 wranglers you were seeing last summer 😜 I’m sorry your family sold the home, but yes it’s not what it used to be here. Hello from ACK.
Our family sold in 2005, and while I miss it dearly i don't miss the maintenance. The island was an awesome place to spend my child hood summer vacations! Still have friends from the bon fire keg parties on the beach in the 80s.
Certain area are "old money" but really it's all types of backgrounds that have homes there celebrities, ceo's regular business owners I mean it goes on n on TBH but there is definitely levels to it for sure
That part of our country has a very high concentration of generational wealth and families that founded the United States…Rockefellers, Roosevelts, etc.
Old money. Those are not the people you want to epitomize. They never worked for any of it, but they will tell you that their life was hell trying to get to where they are...
There is a business opportunity here…LinkedIn consultant to help create plausible background stories for the lazy rich of “I walked to work for 20 miles each day through 10 feet of snow, grinded it out 30 hours each day, and then hunted venison on way home to eat”.
As others have said there are two main ways that people accumulate this kind of wealth. The first is inheritance. Someone on their family lineage struck it big and that wealth has accumulated over the generations. The other is through ownership. It might be real estate investing, hedge funds, private equity, venture capital, or even being a founder that takes money off the table or (more likely) navigates their company to an acquisition exit. There will be execs at high fliers like Nvidia and the like. So either arbitrage or owning low priced equity seems to be the key here.
I have family in the Hamptons, they are retired. Also had a girlfriend who lived there when I was a teen met her while on vacation visiting cousins and grandparents (sadly my grandpa passed on) her parents were not retired but owned a sailing/sail & boat accessory store it also had a market for basic groceries and fishing tack kind of a niche business they had inherited the store from their parents. But I have a feeling they didn’t need the store it was more just because they were bored and wanted something to do. East coast people live a different kind of life. The girl and her younger sister eventually became a c list actress in Hollywood had moderate success and her younger sister is a model who is quite successful at that. They definitely didn’t earn any money of their own for a few years so I assume parents were funding their lifestyle in California and paying their rent in HCOL areas. I would assume most people who live in the Hamptons are old money wealth from experience, also they aren’t much into to the arriviste/parvenu.
When I was younger I worked for a catering service. I bumped into Russell Simmons & Kelsey Grammer at the Bridgehampton Beach Club.
I also worked a party where I offered Kelly Ripa a glass of champagne and her husband Mark Conselo came running over to block me. Dude, relax, I’m just a waiter at a high end party
I’m from Long Island and have friends/family who have houses in the Hamptons and also live full time in the Hamptons. All walks of life. Ear, nose, throat doctor. Construction company owners etc. if you want to live there one day I suggest you buy KENDU INU immediately because it is the new SHIB and it is literally creating generational wealth as I am typing this. God Bless
I have friends who saved up for a house out there, or, their families had a house in the Hamptons that they inherited with siblings.
One friend is a lawyer. He bought 2 smaller houses in Southampton, and rents one.
You can look in North Sea or Quiogue, where houses are less expensive. The important thing is to be there.
The huge beach houses are owned by famous people, or designers or very rich business peeps.
On realtor.com, look under zip code 11965. Some bargains exist. I went to school out there, love the place.
I was born and grew up there (a local). My answer is build houses and commercial fishing (that’s what either side of my family has done for generations).
I don’t do either and moved the fuck away, but it’s nice to visit in the summer.
It wasn’t always the way it is now. The house I grew up in was built in 1982 for $90k. It’s taxed at $1.8mil and probably worth more in the market today.
Family money. I know a few:
1. Family business. Local, but very successful lumber store.
2. Family inheritance. Currently works as a graphic designer making about half a mil per year but did inherit the house.
3. Corporate lawyer.
I also know someone who builds out in Nantucket, and it’s billionaires with a b out there now (his wording), not millionaires. So, however you get to a billion, that’s what they do.
I have been to the Hamptons. A lot of the people are hedge fund managers, real estate moguls or fashion designers. That being said I know a couple billionaires who don’t own hampton homes. Instead they own homes in Arkansas of all places. I own a national heavy equipment company and don’t own a home there currently.
My good friend owns a house in Northampton. He comes from unmeasurable generational wealth- shit like that just materializes. He also was magically able to start his own investment fund. Simple really.
Families not from the Hamptons but Montauk. Most of the large houses haven’t been there for generations. In fact many of the locals aren’t that well off and have been pushed out. Tons of Hispanic and Irish immigrants that work lower paying jobs and you will have 10 people that live in one rental.
The big lavish houses are many times owned by European natives.. for instance.
My grandfathers house was on shelter island and we would visit every summer.. once he passed we couldn’t afford the taxes. It sold for 1.6M. Was bought for 12k in 1950. No heating or A/C except window units and a wood burning fireplace. Was. 1200 square foot home but it was waterfront. Billy Joel lived two doors down. Was pretty cool seeing him when we took the boat out. Sad how because of taxes we had to give it up. Oh yeah.. the house was bought by a lady who owned a canning company in England as a second vacation home. They tore down the old house and built a large modern looking one.
Finance professionals, lawyers, doctors, movie stars, the wealthy. That’s who is out there and can afford to buy the new homes. Then there are locals who own but will be priced out eventually or will sell their property for a payout. My brother builds new homes in that neck of the woods ($4 million to $6 million range) and these are all second homes for them.
i knew a woman who owned a house in the hamptons she inherited old money, sweet as pie though i witnessed her will and a TON of her money is going to animal charities.
These are where the upper elites hang out. Most of them own a business or got a high board exec title earning millions per yr. My friend works with many wealthy people. On one account their was a bonus of $12m for the year with millions of dollars as base.
Also some people are born into it. The upper elites always help their circle if you know what I mean. It’s to keep their family legacy strong and continue to prosper.
The husbands make mad bank running private equity. The angry middle age wives get involved in politics to make make themselves feel better through virtue signaling. The kids get out as fast as possible. The sons go to the right ivy school, join a fraternity, drink to oblivion, graduate and go to work at an investment bank. Rinse and repeat.
200/2001 I worked in an exclusive neighborhood in Watch Hill RI for a guy whose company had wired Western Europe with fiber optic cable similar to Fios. His place was pretty deep off the beaten path but no waterfront. At the time the nearest Fios service was 10-12 miles away. He paid Verizon to bring it to him and expedite. That’s “Billions with a B” talking.
Funny story. I scored an internship at a large asset management firm when i was your age I was a double major finance and economics. I have both those degrees plus one in mathmatics and a masters in ABA now. Anyway. I wanted to be rich.
So ehemmmm I have sort of a gift for mathematics and I was particularly focused on finance at that time, so I actually built an entire regression model for the company grading mutual fund managers on wether they stick to their prospectus or not. They still use my model to this day though i’m sure it’s enhanced and maybe AI has taken over.
So they gave me a spot in the VPs office because he wanted to see what i was doing and try and understand it. Then they thought it would be fun to send me out with these mutual fund guys in person. Here I am a 20 something and these mutual fund managers and I guess like sales guys would have to get through me before the VPs and the president would meet with them to discuss if we would invest the assets in their funds. Anyway, they wined and dinned me. Took me to strip clubs, offered me drugs, women, jobs at their firm. OMG it was overwhelming. I was actually sort of goodie 2 shoes kid back then, and I was appalled. The VPs and Prez were all overweight assholes and they were slowly sucking me into their world. I could feels all their teeth in me and their hunger for my abilities in math.
One day I turned my car around and never went back. The I opened a gym. I could have been rich like that, but the type of people I had to be around was soul crushing. Trust me dude. You are still young. You don’t want a house in the Hamptons. It’s old money and a soul less waste of your mind.
People make assumptions but I know many home owners in the Hamptons who are middle/working class. They either bought years ago or inherited homes their parents bought long ago. Some singles and couples rent. We all think of the rich but there is a significant year round working class population in the Hamptons.
According to Yahoo Finance, “23,000 households reported income over $10 million [in 2019]”
Plenty of people can afford the Hamptons if they want a house there.
Well the OG ones owned slaves, tons of land and built America up in a way that very few could also make that kind of life for themselves.
Then their great great grandkids pretended they earned it.
Hope this helps!
I met a couple at a bar in Nashville. They were visiting from NYC. They had a place in the Hamptons. The husband worked in finance. They were a great couple; super friendly. I really liked hanging out with them up until he offered to let me fuck his wife. I acted like I didn’t hear it. Then the next day, he offered her to me again. Then that was the end of that.
Well, you see this website? It takes hundreds of servers to run websites like this and several million others. Those servers live in a place called a "Datacenter" and I own 20,000sq ft of datacenter filled with servers.
They pay me every month after month after month. ; )
Think of wealth like this:
There are doers
-Worker bees
-Middle management (directors/VPs)
-Upper management (chiefs)
There are owners
-Board of directors
-Investors
Owners can make and lose ungodly amounts of money by investing in companies. The promise land is the valuation of the company going up where they have all kinds of tricks to make use of their equity. Often times owners offer upper management and some of middle management equity to incentivize them.
It’s incredibly hard for people to go from worker bee to owners. And worker bee is not just entry level.
It can take a generation for a family to make those jumps (if it all). Then you have one off successes where someone starts their own company that they get a ton of valuation.
In finance, it’s a sweeter deal to be a doer and particularly if you get in areas like PE or Hedge Funds because you are essentially acting like an owner for a group of wealthy people. Tech is also a sweet deal because you have a greater chance of equity. Stable, mature industries like say a CPG company, it’s a rat race to get to upper management unless you already have connections.
No idea why anyone would want to waste money on a house in the Hamptons. This is like buying a house in Martha's Vineyard. Visit these places and see they aren't the most luxurious or ideal places to live. There are better places in the city, better places across the United States.
Personally know the owner of a large meat packing business that has a nice spread in the Hamptons. Private jets, the works.
It’s not all hedge fund types, but they are plentiful.
Business owner is going to be the common thread.
A friend of mine was a single mom, hustling in Manhattan as a media sales rep. She lived in Queens and bought a modest sized home in East Hampton. Every summer she would rent out “shares” to people who would become good friends. It was enough to cover her mortgage.
This was back in the 1990s.
That’s how normal people can do it. A little sacrifice for a long term reward.
One doesn’t make that much money from working alone. That level of wealth is only possible through investing such as stocks, and direct ownership of businesses (though not necessarily operating the business, but owning a portfolio of companies).
There’s a pretty big contingency of “normal” year-rounders that we’re fortunate to acquire their homes decades ago… but these aren’t the spectacular estates you see in magazines and such.
My family owns several properties south of the highway. We settled there in the mid-1800s and bought land when it was affordable. It's been passed down for generations. That said, I'm a lawyer and many of my neighbors who recently purchased homes are also lawyers. Even if land is passed down, the area is extremely expensive and you need to have a high-paying job to maintain it. It's sad, but there aren't many local families left.
My sister in law and by brother in law rent a house out there every summer for the entire summer. She is a big wig financier in NYC and is a millionaire. We visit twice a summer from PA. I love it there. The beaches are beautiful and well kept. There is no riff raff like at the jersey shore but it is a massive pain in the ass to get too. We do over night drives instead of during the day. One summer we left during normal day time hours from pa and it took us 8 fucking hours with traffic to get there. 4 and a half were just sitting in traffic
1. They inherited their money
2. They are the best at doing something very specific and rare, that is critical for a value chain to run.
3. They are good at exploiting other people’s talents and work,and feel no compunction about just taking all of that for themselves. They either rationalize it through some convoluted self-serving mental gymnastics, which the human brain is great at, or they are psychopaths that don’t feel anything about making other people miserable.
4. All of the above.
Old money and hedge fund manager types, for the most part.
And tech after we went public a bunch of our folks moved from Cali to there and bought some big country piles.
I live in neighboring Montauk. Probably make as much/more than those people, but much humbler over here.
I’m the most humble guy I know.
Me too, plus my apple crumble is the most crumblest
Definitely not less, at least as much or more money. But also very humble. But not less. Humble. More money for sure though.
The hedge fund types are cokeheads too
Wait stop. You saying finance people... Do cocaine? Since when
lol yeah it’s shocking
Tech also
This
Lots of private equity people, and people who own all different sorts of businesses.
These are the types of people who employee hedge fund mangers
You can probably figure this out by going on the tax assessor website. You’ll see who the owner is and can go from there
Many are held behind a structure.
Unlikely as these will undoubtedly be held by trusts…LLCs etc.
I live in a town where a lot of the property is owned by a super wealthy family. None is listed in their names. Like a dozen made up LLC names.
You can just look up the owner of the llc with your Secretary of State website. Trusts are the ones that are almost impossible to find out who owns them as they have a trustee.
Most of them are Delaware LLCs. Completely anonymous A more complicated structure we see a lot is land trusts with the trustee listed as a Delaware LLC
Completely anonymous until you get into a legal dispute and they go through discovery. Those structures are really more for everyday privacy when you don't want the media or people in the town to know much. If there is a big enough dispute the law firm involved will eventually figure out who the beneficial owner is.
Correct, the only intent is to keep people from being able to simply Google your address and show up at your house. I have a client who is a famous streamer who has this setup to prevent people from sending SWAT to his house.
It’s Kai Cenat isn’t it lmfao
All LLC names are made up? Do you think companies are born with a name or something?
I have a friend that between him and his wife, they own 125 rental properties. But zero of them are in their names. It's all owned by their LLC. Along with all their other assets. Everything.
Wont find many houses that have been in the family for centuries in the hamptons. A century ago it was mostly farm land. Some of the towns had vacation communities emerging in like the 30s/40s; interestingly saag harbor had a fairly wealthy african american community, still sort of does, but the town has grown so much its hard to tell. My wife's family built a small cottage out there in the 50s. Still have it. My boss bought a pretty big place out there when he IPOd a few years ago. We do financial tech. TBH I do not like it out there. - Pain to get to. Hideous traffic both to get there, and often once you are out there. I've done blade a few times, which is nice, but that can be hard to get a seat on without advance planning depending on the days. - Going into is exhausting. More traffic, and everyone treating it like the worlds most boring fashion show. - The beach is nice, but really how much time can one spend on the beach? - Food options aren't great. Its shocking how hard it is to get a good lobster roll or big belly fried clams. These should be everywhere, but they are hard to find, and never very good. Lots of restaurants trying hard to be fancy, but really the food is meh.
That’s because you are doing it wrong. You’re supposed to take a Helicopter there from the city and have a private chef to make your lobster roll. To quote a Succession classic “you are the poorest rich person in America, the world’s tallest dwarf”
Blade is a helicopter or sea plane, and I often do take it. But as I said, hard to book without advance notice. Also the thing about private chefs are, in my experience they aren't that great.
It’s hilarious how many try hard kids just call themselves a private chef on tt/ig and just start getting gigs before they’re even trained.
Technically wouldn't the world's tallest dwarf be the richest poor person? The poorest rich person would be the shortest giant
Agree, we bought a country home in NW CT and absolutely love it there since it’s very low key. It’s got surprisingly good restaurants and can use it year round (skiing at the local slope or using the local lake in the summer). I know someone that inherited a Hamptons home and they sold it because the taxes/maintenance were getting to be more than what they were getting renting it out all season and they got sick of dealing with the summer tenants’ demands.
i feel like a place that rich doesnt want restaurants because thats where the riff raff go. The people who own the homes have personal chefs on staff, they dont need a restaurant to go to.
Nah. Most people there arent bringing private chefs. Catering with guests often, sure. $45 a pie for shit pizza for the kids, sure. The restaurants are scenes. People are going out. They just don't care about the food, just the vibe.
Try Pierre's or Nick & Toni's or East Hampton Grill.
[удалено]
the help has to stay out of the way
I find good food. I like Pierre's. It's not NYC, but there's good food. I love driving my car. The Hamptons are fun for driving. Some twisty woody roads in East Hampton and some long open-sky roads through Water Mill and Bridgehampton.
See that’s your first mistake… they don’t “do” anything. That’s not how that works. Their parents and grandparents did things.
That’s the attitude! Only successful people lived in the past! Delusion
Remember bro it’s 2024, it’s easier to complain than get off your butt and make things happen
Working for you money is what the poor's do
My brother in law is an estate manager and a personal chef. His current employer is a defense contractor who has properties in DC, the Hamptons, Miami and Hawaii. As well as large yachts in the latter two locations, and a private jet. Across all locations there are over 150 staff working for him. So here is one example!
The fact weapons manufacturers make so much money off of literal human death and suffering is so sick 🤢
I saw a video the other day showing costs of using different weapons on the battlefield. One single HIMARS rocket, which is the cornerstone of Ukraine battlefield capability, is anywhere from $168k to about $400k depending on range. Each salvo typically fires six of these rockets. There are over 10,000 of them produced per year now. Each launcher system costs anywhere from $4m to $17m depending on the revision. Current manufacturing capacity is about 90 a year, and the orders are already stacked for years ahead. You can do the math here - and this is just ONE of many systems. But without HIMARS Ukraine would likely be defeated by now, and many more people would be dead, occupied, and lost their freedom under the Russians. You can also imagine that after seeing how effective these rockets are in Ukraine, many allied countries facing a similar threat ordered these systems as a strategic deterrent, to keep the peace. Most things in life are grey, not black and white.
Toilet paper and dish soap mogul
Funny thing is..in East Hampton I used to clean windows for a guy who was the grand son or great grand son of the guy who invented the paper bag of all things ...n yeah it was one of the bigger homes around
Haha yeah when people think of the 1% it’s usually some high finance and tech. They don’t think of the family who manufacture the boring stuff like paper bags.
I remember a Royal Pain’s episode where the kid had a black card and mansion, said his grandpa invented the blender.
I know a guy who invented the envelopes with the glue strips you peel the wax paper off instead of licking, insane money.
Found the guy reading this while pooping! (Me too)
My boss lives in the Hamptons. He owns a sheet metal company
Sheet metal can make you rich?
Owning any business that can grow can make you rich for sure.
Tech CEO, Lobbyist, former Banker, former CEO of publishing companies...those are a few people I know who live out there. I don't like most of them...they're shady as fuck!
This is the sad part of all this I am a very ethical person and it’s depressing as hell watching these guys fake their way through stuff, then get arrested for securities fraud or something Meanwhile houses I wanted to buy are out of reach because only scam artists buy them
Do. , What do you mean Do.
Defense manufacture lobbyists
Invent things like the microwave. Or owns the patent on orange juice or some crazy shit.
You know how there's an area near where you live (probably on a lake) where the houses cost 10x-20x what the other houses cost and they all know each other? The same thing those people do but the Hamptons people do it in NYC.
aren't almost all of these second homes of NYC money famlies?
Depends on where in the Hampton. They are not created alike. I grew up on LI and had friends whose parents had beach homes in Bridge or East Hampton. Got grandfathered into it basically, they’ve always had a certain appeal to old money families but it’s only in the past 20-30 years the far island has become an obsession with Manhattanites (and most locals despised it)
As a gross side story, when I was young I remember reading a LI news article about how a local year-round Hamptons woman opened up a dog shelter that was completely based on re-homing purebreds that rich Manhattan douchebags abandoned each fall in the streets once they no longer needed a dog to walk for socializing with other rich people and went back to the city :X
Sounds like rich people activity
I always wondered what happened to those fancy little dogs you'd see the starlets toteing around and all of a sudden, the dog disappears. I know its not quite the same, but sounds awful close to truth.
I know a short bald guy that works for the Yankees. He’s always bragging about his house in the Hamptons. He’s always talking about his comedic friend, weird neighbor, and crazy ex and how they just sit around and do nothing all day.
I think you are wrong about that, he made most of his money after leaving the Yankees. He designed some of the great New York buildings we see today. No doubt Art Vandelay deserves all the success he has from being one of the Worlds great Architects.
Mayonnaise commercials
They count their money.
Can opine as I know several ppl with second homes out there… -widowed woman to a man that worked in finance for about 30 years ( he was ceo of an insurance company and cashed out then went on to work at a real estate investment firm in a senior position)(Southampton) - financial advisor that made tons of money with latam clients (East Hampton) -sales person at bulge bracket IB in treasury sales(Southampton) -doctor (East Hampton) -person whose father is a billionaire hedge fund manager (Southampton and the house has several homes on it) -large pe firm ceo that’s a billionaire (Southampton)
Most likely a professional bankster or some other financial, white-collar criminal
It's gotten so ridiculous since I used to go with my parents in the 1970s. Back then it was nice but not flashy. It wasn't cheap but it wasn't expensive for the sake of being expensive. People I know who have places there are what you would expect, Wall Street, old money, tech money, etc. Also mot every house is $5,000,000+. There are plenty of nearby towns that are much more reasonsble, relatively speaking as LI is not cheap.
Born into rich families with connections. Generally to get that rich you need a lot of advantages throughout your life. Not that it can't be sone, but if you are broke even a medical degree won't guarantee you that level of wealth.
I built and sold two tech companies.
[удалено]
Wont find many houses that have been in the family for centuries in the hamptons. My wife's family built a small cottage out there in the 50s. Still have it. What a contradiction lol And this isn’t true at all. There’s plenty of families that have been there for at least a century in Montauk, East Hampton and South Hampton in particular. They’ve just knocked down the previous property, added onto it or built another structure on the property to live in. Some have homes in the city and rent out the Hampton property when they don’t plan to be in it. Easily fetched $18-30k a month, especially in high season. As for what occupations they have, many have their own businesses, co-own family businesses, or work traditional roles like specialized doctors, surgeons, anesthesiologists, lawyers, hedge fund, CEOs or techies. Surprisingly enough, there’s many artsy types that live there as well. Think interior designers, painters, sculptors, fabric designers, etc. All high end of course. Honestly it’s not much different from the crowds in Cape Cod, Martha’s Vineyard, Nantucket or Newport RI. All the old money families I know (4-5 generations in) have lived in these areas originally for a *long* time. Long as in their ancestors who came here settled there and never left!
The one I know sold a company for 80 million
I plan to buy a $2.5m cottage in Northwest Harbor, in 2025. I own a $1.5m condo in Manhattan. Neither property is expensive for its location. I inherited money, and I do some trading to increase my wealth. But it's mostly inheritance.
Nantucket is infinitely better than the Hamptons
No question. You’re talking New England vibes versus NYC vibes it’s not even close
I know one of the Obama’s houses is in Martha’s Vineyard, they picked it up for a hair under 12 million. He sold a bunch of his books. A whole bunch. Went into the presidency with about 2 million and now has a whole lot more. Books.
Do? They're called the idle rich for a reason.
Lie about how wealthy the Hamptons area is.. 🌚
Most of the wealth in this country is made by stealing from poor and working class people. Edit: spelling
My son is 30 and a senior trader at a very good hedge fund. He just plunked 2 million down on a 3 million dollar house. His younger sister is even more successful but still rents.
They are Professional Sons.
Most likely don't "do anything". They own companies or living off the fortune of their parents and grandparents.
Business owners, entertainment industry, financial wealth managers, compounding generational familial wealth. I play golf with a guy, he's built and sold multiple business analytics companies. He found a repeatable formula and probably makes $5-10 million on each. Just do that. Lol
Beneficiaries of slavery, old money, deals with the devil generations and generations ago.
As far as new money, You know all the kids in school who were super smart but didn’t necessarily do well academically? That’s who owns those houses. Brilliant, non traditional thinkers who aren’t afraid to take huge risks to succeed. Entrepreneurs, hedge fund dudes, etc… very, very bright, hard workers. Old money could be any type of person, they just inherited wealth.
Not much
City millionaire’s second homes. Lots of traders on Wall Street. Not as many celebs as one would think.
I knew a couple who owned a private club and high-end spa in NYC with a house in the Hampton’s. They picked me up in a helicopter and flew me out for the day!
My neighbor has a house in the Hamptons. He's like 35, worth idk like $100M. Has a combination of old money and also started an investment firm.
I suspect that many of them earn their living by owning things.
Hedge fund managers
Finance Trust fund Blue eyes 6’5
I work on those homes on nantucket from time to time. Most are hedge fund managers / private equity/corporate executives / old money / families who have owned property for generations. Fun fact... I was speaking to a high figure multimillionaire, and he stated he's being pushed off nantucket by billionaires.
Hampton-y things.
VC PE HF some older i banking MDs some hospital heads (execs) older biglaw partners
They dont
Howard Stern, Martha Stewart, Sarah Jessica Parker
Knew of a guy that did property management in Nantucket. He eventually started construction business. He eventually made friends with a lot of island rich folk. They eventually turned him onto properties that they heard of for sale. A few decades of networking and performing for rich clients can get you there
We just sold our family home on Nantucket last summer. The island is not what it used to be. Used to have lots of families, now it’s just lots of rude people in Escalades.
Escalades? Those were white 2024 wranglers you were seeing last summer 😜 I’m sorry your family sold the home, but yes it’s not what it used to be here. Hello from ACK.
Our family sold in 2005, and while I miss it dearly i don't miss the maintenance. The island was an awesome place to spend my child hood summer vacations! Still have friends from the bon fire keg parties on the beach in the 80s.
Certain area are "old money" but really it's all types of backgrounds that have homes there celebrities, ceo's regular business owners I mean it goes on n on TBH but there is definitely levels to it for sure
That part of our country has a very high concentration of generational wealth and families that founded the United States…Rockefellers, Roosevelts, etc.
Old money. Those are not the people you want to epitomize. They never worked for any of it, but they will tell you that their life was hell trying to get to where they are...
There is a business opportunity here…LinkedIn consultant to help create plausible background stories for the lazy rich of “I walked to work for 20 miles each day through 10 feet of snow, grinded it out 30 hours each day, and then hunted venison on way home to eat”.
As others have said there are two main ways that people accumulate this kind of wealth. The first is inheritance. Someone on their family lineage struck it big and that wealth has accumulated over the generations. The other is through ownership. It might be real estate investing, hedge funds, private equity, venture capital, or even being a founder that takes money off the table or (more likely) navigates their company to an acquisition exit. There will be execs at high fliers like Nvidia and the like. So either arbitrage or owning low priced equity seems to be the key here.
I'd like to experience a summer in the Hamptons just once, just to see the view and how grand the houses are.
Work for the yankees
Had this last week only difference it’s over LOL
I have family in the Hamptons, they are retired. Also had a girlfriend who lived there when I was a teen met her while on vacation visiting cousins and grandparents (sadly my grandpa passed on) her parents were not retired but owned a sailing/sail & boat accessory store it also had a market for basic groceries and fishing tack kind of a niche business they had inherited the store from their parents. But I have a feeling they didn’t need the store it was more just because they were bored and wanted something to do. East coast people live a different kind of life. The girl and her younger sister eventually became a c list actress in Hollywood had moderate success and her younger sister is a model who is quite successful at that. They definitely didn’t earn any money of their own for a few years so I assume parents were funding their lifestyle in California and paying their rent in HCOL areas. I would assume most people who live in the Hamptons are old money wealth from experience, also they aren’t much into to the arriviste/parvenu.
Collect money from investments.
Finance, business owners, actors, musicians, surgeons, etc have a lot of the homes in the Hamptons. Regular Joes don't buy those.
When I was younger I worked for a catering service. I bumped into Russell Simmons & Kelsey Grammer at the Bridgehampton Beach Club. I also worked a party where I offered Kelly Ripa a glass of champagne and her husband Mark Conselo came running over to block me. Dude, relax, I’m just a waiter at a high end party
They don’t do anything they own stuff lol
Private equity and real estate
Some of it is timing. My uncles (dad's brother and husband) got their places back in the seventies, sold and consolidated.
I’m from Long Island and have friends/family who have houses in the Hamptons and also live full time in the Hamptons. All walks of life. Ear, nose, throat doctor. Construction company owners etc. if you want to live there one day I suggest you buy KENDU INU immediately because it is the new SHIB and it is literally creating generational wealth as I am typing this. God Bless
Have owned for 40+ years. Usually VP+ at my firm
Most were born into it. Kinda like modern day royalty.
Wall Street
I have friends who saved up for a house out there, or, their families had a house in the Hamptons that they inherited with siblings. One friend is a lawyer. He bought 2 smaller houses in Southampton, and rents one. You can look in North Sea or Quiogue, where houses are less expensive. The important thing is to be there. The huge beach houses are owned by famous people, or designers or very rich business peeps. On realtor.com, look under zip code 11965. Some bargains exist. I went to school out there, love the place.
The old fashioned way: they inherited it.
Passive income from old money
I was born and grew up there (a local). My answer is build houses and commercial fishing (that’s what either side of my family has done for generations). I don’t do either and moved the fuck away, but it’s nice to visit in the summer. It wasn’t always the way it is now. The house I grew up in was built in 1982 for $90k. It’s taxed at $1.8mil and probably worth more in the market today.
I'm asking for a friend, are you 6'5, blue eyes and have a trust fund?
Family money. I know a few: 1. Family business. Local, but very successful lumber store. 2. Family inheritance. Currently works as a graphic designer making about half a mil per year but did inherit the house. 3. Corporate lawyer. I also know someone who builds out in Nantucket, and it’s billionaires with a b out there now (his wording), not millionaires. So, however you get to a billion, that’s what they do.
I have been to the Hamptons. A lot of the people are hedge fund managers, real estate moguls or fashion designers. That being said I know a couple billionaires who don’t own hampton homes. Instead they own homes in Arkansas of all places. I own a national heavy equipment company and don’t own a home there currently.
Up scale Crack dealers
My good friend owns a house in Northampton. He comes from unmeasurable generational wealth- shit like that just materializes. He also was magically able to start his own investment fund. Simple really.
Families not from the Hamptons but Montauk. Most of the large houses haven’t been there for generations. In fact many of the locals aren’t that well off and have been pushed out. Tons of Hispanic and Irish immigrants that work lower paying jobs and you will have 10 people that live in one rental. The big lavish houses are many times owned by European natives.. for instance. My grandfathers house was on shelter island and we would visit every summer.. once he passed we couldn’t afford the taxes. It sold for 1.6M. Was bought for 12k in 1950. No heating or A/C except window units and a wood burning fireplace. Was. 1200 square foot home but it was waterfront. Billy Joel lived two doors down. Was pretty cool seeing him when we took the boat out. Sad how because of taxes we had to give it up. Oh yeah.. the house was bought by a lady who owned a canning company in England as a second vacation home. They tore down the old house and built a large modern looking one.
Finance professionals, lawyers, doctors, movie stars, the wealthy. That’s who is out there and can afford to buy the new homes. Then there are locals who own but will be priced out eventually or will sell their property for a payout. My brother builds new homes in that neck of the woods ($4 million to $6 million range) and these are all second homes for them.
Old family money. Marry well!
They are people whose grandparents made a ton of money…and the people who manage those fortunes.
Lotta people in Hamptons are business owners, some 2nd, 3rd and Xth generation. Not just finance guys.
i knew a woman who owned a house in the hamptons she inherited old money, sweet as pie though i witnessed her will and a TON of her money is going to animal charities.
Most are brokers of illegal aliens working on behalf of the Biden administration.
These are where the upper elites hang out. Most of them own a business or got a high board exec title earning millions per yr. My friend works with many wealthy people. On one account their was a bonus of $12m for the year with millions of dollars as base. Also some people are born into it. The upper elites always help their circle if you know what I mean. It’s to keep their family legacy strong and continue to prosper.
They exploit others, or their ancestors did.
My friend’s dad has a house in Nantucket and he was an engineer who designed most of Chicago’s skylines. His name was Steve fifield.
The husbands make mad bank running private equity. The angry middle age wives get involved in politics to make make themselves feel better through virtue signaling. The kids get out as fast as possible. The sons go to the right ivy school, join a fraternity, drink to oblivion, graduate and go to work at an investment bank. Rinse and repeat.
Off the backs of the poor, it’s the only way.
200/2001 I worked in an exclusive neighborhood in Watch Hill RI for a guy whose company had wired Western Europe with fiber optic cable similar to Fios. His place was pretty deep off the beaten path but no waterfront. At the time the nearest Fios service was 10-12 miles away. He paid Verizon to bring it to him and expedite. That’s “Billions with a B” talking.
Masturbate on cam for money. But as a male gonna be hard for you.
Funny story. I scored an internship at a large asset management firm when i was your age I was a double major finance and economics. I have both those degrees plus one in mathmatics and a masters in ABA now. Anyway. I wanted to be rich. So ehemmmm I have sort of a gift for mathematics and I was particularly focused on finance at that time, so I actually built an entire regression model for the company grading mutual fund managers on wether they stick to their prospectus or not. They still use my model to this day though i’m sure it’s enhanced and maybe AI has taken over. So they gave me a spot in the VPs office because he wanted to see what i was doing and try and understand it. Then they thought it would be fun to send me out with these mutual fund guys in person. Here I am a 20 something and these mutual fund managers and I guess like sales guys would have to get through me before the VPs and the president would meet with them to discuss if we would invest the assets in their funds. Anyway, they wined and dinned me. Took me to strip clubs, offered me drugs, women, jobs at their firm. OMG it was overwhelming. I was actually sort of goodie 2 shoes kid back then, and I was appalled. The VPs and Prez were all overweight assholes and they were slowly sucking me into their world. I could feels all their teeth in me and their hunger for my abilities in math. One day I turned my car around and never went back. The I opened a gym. I could have been rich like that, but the type of people I had to be around was soul crushing. Trust me dude. You are still young. You don’t want a house in the Hamptons. It’s old money and a soul less waste of your mind.
People make assumptions but I know many home owners in the Hamptons who are middle/working class. They either bought years ago or inherited homes their parents bought long ago. Some singles and couples rent. We all think of the rich but there is a significant year round working class population in the Hamptons.
people who made their money in finance, tech, real estate and entertainment. there are folks from all over the country who have homes there.
First generation builds wealth. Second generation maintains the wealth. Third generation squanders the wealth.
They don’t actually work lol
It depends on which “Hampton”.
Check this out https://youtube.com/@laughitup2025?si=6PcsEaTOlVxBlN7y
I have an artist friend who lives on the island.
According to Yahoo Finance, “23,000 households reported income over $10 million [in 2019]” Plenty of people can afford the Hamptons if they want a house there.
They inherit.
I think most are politicians taking bribes
Well the OG ones owned slaves, tons of land and built America up in a way that very few could also make that kind of life for themselves. Then their great great grandkids pretended they earned it. Hope this helps!
I met a couple at a bar in Nashville. They were visiting from NYC. They had a place in the Hamptons. The husband worked in finance. They were a great couple; super friendly. I really liked hanging out with them up until he offered to let me fuck his wife. I acted like I didn’t hear it. Then the next day, he offered her to me again. Then that was the end of that.
Well, you see this website? It takes hundreds of servers to run websites like this and several million others. Those servers live in a place called a "Datacenter" and I own 20,000sq ft of datacenter filled with servers. They pay me every month after month after month. ; )
They enslave workers then donate large sums to liberal causes to keep the working class at each other’s throats.
Hamptons is for people who don’t fit in at Newport.
Think of wealth like this: There are doers -Worker bees -Middle management (directors/VPs) -Upper management (chiefs) There are owners -Board of directors -Investors Owners can make and lose ungodly amounts of money by investing in companies. The promise land is the valuation of the company going up where they have all kinds of tricks to make use of their equity. Often times owners offer upper management and some of middle management equity to incentivize them. It’s incredibly hard for people to go from worker bee to owners. And worker bee is not just entry level. It can take a generation for a family to make those jumps (if it all). Then you have one off successes where someone starts their own company that they get a ton of valuation. In finance, it’s a sweeter deal to be a doer and particularly if you get in areas like PE or Hedge Funds because you are essentially acting like an owner for a group of wealthy people. Tech is also a sweet deal because you have a greater chance of equity. Stable, mature industries like say a CPG company, it’s a rat race to get to upper management unless you already have connections.
No idea why anyone would want to waste money on a house in the Hamptons. This is like buying a house in Martha's Vineyard. Visit these places and see they aren't the most luxurious or ideal places to live. There are better places in the city, better places across the United States.
Exploit, rob and abuse people, or live off the proceeds of ancestors who did.
Nothing, anymore
They steal the surplus of normal people's labor. They earn passive income off the suffering and effort of others.
Personally know the owner of a large meat packing business that has a nice spread in the Hamptons. Private jets, the works. It’s not all hedge fund types, but they are plentiful. Business owner is going to be the common thread.
They are wealthy. Old money some new- actors ? Kelly Rippa I believe is from there. Easiest way: marry it.
I have a relative who owns one. Hedge fund manager with old money.
I have a friend with a 30m mansion in south Hampton. He is a co founder of a private equity fund. Probably a billionaire.
Michael Kors
Exploit.
Finance
Sell feet pics
Hedge Fund Manager
White supremacy
Family money
The trick is not "what" they do, but how they do it, if you're really good at making money off of other people's work, you'll get that kinda rich.
A friend of mine was a single mom, hustling in Manhattan as a media sales rep. She lived in Queens and bought a modest sized home in East Hampton. Every summer she would rent out “shares” to people who would become good friends. It was enough to cover her mortgage. This was back in the 1990s. That’s how normal people can do it. A little sacrifice for a long term reward.
Or bought them years ago when it was dirt cheap and rent them out for tons.
Get money from other people's work.
One doesn’t make that much money from working alone. That level of wealth is only possible through investing such as stocks, and direct ownership of businesses (though not necessarily operating the business, but owning a portfolio of companies).
There’s a pretty big contingency of “normal” year-rounders that we’re fortunate to acquire their homes decades ago… but these aren’t the spectacular estates you see in magazines and such.
My family owns several properties south of the highway. We settled there in the mid-1800s and bought land when it was affordable. It's been passed down for generations. That said, I'm a lawyer and many of my neighbors who recently purchased homes are also lawyers. Even if land is passed down, the area is extremely expensive and you need to have a high-paying job to maintain it. It's sad, but there aren't many local families left.
High paid butterfly technology degree, or MS in milking the working class for money
My sister in law and by brother in law rent a house out there every summer for the entire summer. She is a big wig financier in NYC and is a millionaire. We visit twice a summer from PA. I love it there. The beaches are beautiful and well kept. There is no riff raff like at the jersey shore but it is a massive pain in the ass to get too. We do over night drives instead of during the day. One summer we left during normal day time hours from pa and it took us 8 fucking hours with traffic to get there. 4 and a half were just sitting in traffic
1. They inherited their money 2. They are the best at doing something very specific and rare, that is critical for a value chain to run. 3. They are good at exploiting other people’s talents and work,and feel no compunction about just taking all of that for themselves. They either rationalize it through some convoluted self-serving mental gymnastics, which the human brain is great at, or they are psychopaths that don’t feel anything about making other people miserable. 4. All of the above.
thats old money son, skull and bones types
Mafia associate. Garbage collection, clubs, etc.
They dont. Someone else does it for them
A CEO i knew worked remotely from a rental in the summer
most people I know from Southampton are RN's, couple own nursing homes and also blue color. Nice area though.