It’s a sad day when a beautiful estate is torn down. However, the owner did pay $53 million for two adjacent Hamptons properties, so it seems he’s looking to invest in the land.

The new owner will completely demolish the existing buildings on the 6.5-acre estate in order to construct a new beachfront home. The larger section was part of an expansive estate known as Wooldon Manor, which was owned by the Woolworth store founder’s daughter. That section sold for $40 million.

The Tudor-style homes were built at the beginning of the 20th century as a carriage home and caretaker’s cottage, although the carriage house has since been reconfigured into two apartments and a garage.

Although broken up into separate parcels, recent sales have garnered millions of dollars, and it appears that the entire Hamptons estate area will be reimagined with a new luxurious estate.