Going, Going, Gosman's...

The family that owns Gosman's Dock in Montauk, New York, a popular tourist attraction and local hangout since the 1940s, has sold the 11-acre compound to a Long Island businessman for about $50 million.

Located at the entrance of Montauk Harbor at the Eastern tip of Long Island, the property includes two motels, four restaurants, five retail stores, an ice cream parlor, a commercial dock, and wholesale seafood business.

The new owner—whom Broker Tony Cerio of Brown Harris Stevens declined to identify—wants to turn at least part of it into a spa catering to the wealthy New Yorkers who summer in the area and the nearby Hamptons.

Executives who own homes in the area include J. Crew C.E.O. Mickey Drexler, designer Ralph Lauren, developer Bruce Rattner, and hedge fund manager David "Tiger" Williams.

The property has been on the market for over a year for $50 million. The family member that owns Gosman's didn't return calls.

by Deborah Schoeneman

Condé Nast Portfolio contributor Deborah Schoeneman, who is also editor in chief of Hampton Style, reports on executives in the Hamptons.