Newsday reported first last week that the sale of Old Trees, the Southampton estate that had been on the market since 2006, finally closed. The seller is financier Donald Burns, and the buyer is said to be Manhattan real estate developer Rodney Propp. Property records reveal that the closing price on the three-parcel, 10-acre property was $39.25 million. The latest asking price: $48 million.



When The Palm Beach Daily News asked Burns whether he needed to charter a separate jet to carry the proceeds of the sale, he joked, "Not necessarily. Minus the commish." Harald Grant of Sotheby's International Realty had the listing for the estate built on Lake Agawam in 1911.



Now that Propp owns Old Trees, he may be more eager to sell his six-bedroom Bridgehampton home, which he has on the market for $13.995 million with Susan Breitenbach of The Corcoran Group.