On Nov. 18, the East Hampton home once called the Jessup Homestead will be up for auction. The historic home dates back to the 1600s but was never declared a historical landmark.

Richard Maltz of Maltz Auctions is spearheading the auction project of the property, which sits on a 2.36-acre estate. Maltz auctioned a couple of Hamptons property owned by white-collar swindler Marc Dreier prior to the Jessup Homestead. Historical information states that the house was originally a two-bedroom cottage. Today, it has four bedrooms and 4.5 baths plus a basement, an adjoining gunite pool and spa.

The 3,800-square-foot historic homestead is currently being restored to its original form. According to the current owners who are also its developers, restoration is now 90 percent complete. A number of people have shown interest in the property, just less than two weeks before the auction date. However, Maltz admitted to the New York Post that he was expecting more feelers at this point.

The starting bid is set at $3.7 million. Prior to the auction proper, Maltz scheduled an open house event on Nov. 7.

27 East revealed that the auction of the Jessup Homestead is a consequence of a dissolving business partnership. The two owners are reportedly not seeing eye to eye.

"They can no longer work together," Maltz said, referring to the two partners, who already spent millions in developing and restoring the home. The two started on the restoration project back in 2007. The pair worked alongside the Quogue Historical Society to make sure that they get the restoration details right.

Maltz presents the house as a property for people who want to keep close ties with their families.
"It really lends itself to a builder or a family coming in and creating a family compound," Maltz said.

The auction will be held at the Auctioneer's Gallery in Central Islip. Registration starts at noon.