According to the New York Daily News, designer Ralph Lauren is considering buying Sag Harbor’s American Hotel to open a Hamptons Flagship.
The speculation comes from owner Ted Conklin’s recent marriage to an “independently wealthy” former high-school girlfriend. His new wife reportedly spends most of her time between Palm Beach and East Hampton and Mr. Conklin has already listed his home and the Rysom Sleight House—once occupied by Alec Baldwin and Kim Basinger—for rent. (These properties are reportedly for sale for a combined price exceeding $10 million.)
Mr. Conklin has “vacated Sag Harbor,” a source told Gatecrasher. Another source estimated that the hotel—consisting of a retail site, a duplex apartment, an office and the hotel itself—could get at least $25 million. But Mr. Lauren’s spokesperson said, “There’s definitely nothing to the speculation.”