From Blackstone to Beach:
CEO to Sell Hamptons Home

Blackstone Group's chairman and chief executive, Stephen Schwarzman, has listed a 15.8-acre oceanfront property in East Hampton, N.Y. The price is listed as "on request" -- meaning only interested buyers can obtain it -- but brokers with knowledge of the listing say he's asking about $42 million. Mr. Schwarzman, 58 years old, bought the site at auction 13 years ago for about $4 million.

The house is about 100 miles from Manhattan and sits on Further Lane, where other residents include art dealer Larry Gagosian and Lazard's chairman and chief executive, Bruce Wasserstein. The property has about 291 feet of ocean frontage, and much of it is deeded for development. That means the new owners have town approval to replace the main house and build a pool and tennis court on the land.

Mr. Schwarzman, who declined to comment, co-founded Blackstone, one of the country's largest private-equity firms, in 1985. Blackstone says its holdings include investments in Houghton Mifflin, Universal Studios Florida and Wyndham International.

The house goes on the market as Mr. Schwarzman is about to complete the purchase of a seven-acre property in the town of Water Mill -- about six miles from the East Hampton house -- for more than $32 million. That property, on Mecox Bay, had been owned for many years by the late socialite and bibliophile Carter Burden and his wife, Susan. Mr. Schwarzman also owns a triplex apartment at 740 Park Avenue, which he bought in 2001 for $38 million, and a 13,000-square-foot Palm Beach, Fla., estate he bought two years ago for $20 million. Peter Turino, of Brown Harris Stevens, has the East Hampton listing.

Tahoe Times Two

Two big properties have gone on the market on the Nevada side of Lake Tahoe. Former Peoplesoft executive Al Duffield has put his 18,000-square-foot estate on the market for $15.95 million. He paid $1.8 million for the land in 1995, he says, and spent the next two years building a French-chateau-style house on the 12-acre property. It has eight bedrooms, 11 bathrooms, and 10 fireplaces. It's in Incline Village, Nev., a mountain town of fewer than 10,000 people just inside the border with California. The owner's brother, Dave Duffield, founded Peoplesoft in 1987 -- Oracle bought it last year in a $10.3 billion deal -- and Al Duffield, now 62 years old, retired as vice president of world-wide operations at the software concern after 10 years with the company.

Meanwhile, Bruce Lindstrom, who helped found wholesale-club operator Price Club in 1976, has put his lakefront property on the market for $13.9 million. Located in Zephyr Cove -- about 20 miles south of Incline Village -- the site includes two homes, 6,365 square feet in all, that together have six beds and seven baths. Also on the site: four deeded boat buoys, a private marina and a natural breakwater. The houses could be sold separately for $6 million and $9 million. Shari Chase, of Chase International Real Estate, has the Duffield and Lindstrom listings. Price merged with Costco in 1993, and Mr. Lindstrom, 60, now serves as chairman of the nonprofit Point Foundation, which he founded in 2001 to fund academic scholarships for gay and lesbian students.

Churchill House Sold

The former London duplex of Winston Churchill sold for close to its £2 million ($3.5 million) asking price. Bill Roedy, vice chairman and president of MTV Networks International, bought the house, according to the seller, Peter Sheppard. Mr. Roedy couldn't be reached for comment.

The apartment, on the fifth and sixth floors overlooking Westminster Cathedral, is where Churchill met with legislators opposing Neville Chamberlain's policy of trying to avoid a direct conflict with Hitler. Mr. Churchill owned the house with his wife, Clementine, in his 1930s "Wilderness Years," when he was excluded from government office. The house measures 2,758 square feet with four bedrooms, two bathrooms and three interconnecting reception rooms. Mr. Sheppard, chairman of the Catholic Herald, a United Kingdom weekly, had owned the duplex for 10 years and listed it in March. The listing agent was James Taylor of Jackson Stops & Staff in London.

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