Spectacular one of a kind offering in prime location overlooking Lake Agawam. This 3.6 acre property is part of a unique compound setting newly re-subdivided into 2 lots and ready for a new creative masterpiece. Both lots have commanding views after considerable new clearing efforts all while being sensitive to the preservation of mature trees and indigenous plants. This lot can host a generous main residence, pool and tennis with views to the lake and ocean beyond or towards the mature landscaping and speciman trees to the south, west and north. The adjoining larger 4.8 acre lot next door to the north also has room for a sizable house, pool, and tennis court. Most importantly regarding waterfront living, both lots sit high in the X zone keeping you safe from flooding and erosion and allowing for deep basements. . This 3.6 acre lot (lot 5) can be purchased separately, or together with the 4.8 acre lot, (lot 4) for $29M. This is an exceptional opportunity for you to own one of the largest contiguous estate parcels within the most prime "historic estate section" in the Hamptons.