The arc to this story has come to an end — and a new beginning.
A uniquely shaped home in East Hampton known as the Arc House has sold for $2.17 million — far less than its value.
The seller was the US government, which seized the home after owner Joseph Meli pled guilty to securities fraud in 2017 as part of a ticket reselling scam.
He was ordered to forfeit more than $100 million, which represented the amount of proceeds obtained through the scheme, and ordered to pay restitution, according to reports. Meli’s wife, Jessica, bought the home, at 50 Green Hollow Road, for around $3 million in 2015.
The buyer is Louis Levy, of the Levy Group, a family-run apparel manufacturer. “That buyer just got the deal of a lifetime,” quipped an insider with knowledge of the deal, who said the home is worth at least $5 million — its 2013 asking price.
About half of the 6,400-square-foot home with four bedrooms and our bathrooms is underground, according to its Realtor.com listing, and it sits on nearly three acres. The modern dwelling was designed by architect Maziar Behrooz of MB Architecture in 2010.
The property comes with an open chef’s kitchen, black walnut floors, a gym and a pool that is almost finished. The listing broker was Paul Luciano with Utopia Real Estate. The buyer’s brokers were Douglas Elliman’s Bonny Aarons and Janette Goodstein.