Fletch Lives! Chevy Chase’s Old Hamptons Estate Listed for $25 M.

clark griswold1 Fletch Lives! Chevy Chases Old Hamptons Estate Listed for $25 M.Chevy Chase’s former estate at 19 Lee Avenue in East Hampton is on the market for $33 million. The sprawling 3.2-acre property spans from Lee Avenue to luxe Lily Pond Lane. The main home (the estate clusters a handful of houses) is a “classic Summer Cottage” circa 1895, which, according to the listing, has been meticulously updated while retaining the “ineluctable elements of the Shingle Style.”

“Cottage” is perhaps a misleading descriptor for the 10,000-square-foot, 10-bedroom home with a fireplaced entry foyer, a sun room and six-bedroom suites on the second floor, including the “sumptuous” master wing with a private sitting room, double dressing rooms and baths. An “expansive” patio and covered porches overlook the bucolic bundle of manicured gardens and century-old trees within which is nestled an elegant swimming pool, poolhouse and children’s playhouse.

Mr. Chase, who currently lives in Bedford, N.Y., sold the historic home to Peter Terian and wife Juliana for $10.1 million in 2001. Mr. Terian, who resided at the Dakota when not summering on the East End, was a French émigré and prodigious art collector who founded Rallye Motors (one of the nation’s leading car dealerships); tragically, he succumbed to prostate cancer in the fall of 2002. However, in 2004, his family went on to purchase 18 Lily Pond Lane (which abuts the back of the Lee Avenue address) for $6 million from Walter J. Fried, a prestigious real estate lawyer responsible for the conversion of Manhattan buildings such as the Beresford and the Ritz Tower into co-ops.

The above described Lee Avenue address is offered for $25 million through Douglas Elliman agent John Golden, while the adjoining 1-acre property with a closer-to-the-ocean 18 Lily Pond Lane address and a “charming” 1940s four-bedroom home, plus its own pool, can be purchased separately for $8 million.

However, the entire property can be scooped up for a bargain $33 million. Which gives buyers two options: Buck up, be the ball and buy the whole thing for an estate bigger than Bushwood Country Club, or be a tremendous slouch and only buy one of the two; but make sure to get some hedges growing soon—you never know who your $8 million (or $25 million) neighbor might be. If you’re deciding between the two properties, you could take a tip from Mr. Rogers and decide who you want to be your neighbor: Sydney Lumet across the street on Lee Avenue, or Martha Stewart four doors down on Lily Pond (personally, I’d go with Martha; I love Dog Day Afternoon but it never baked me any pies).

cmalle@observer.com