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Fallon acquires new property, Hepburn's old property will change hands

Jimmy Fallon has purchased a home in Sagaponack, New York.

Jimmy Fallon has purchased a home in Sagaponack, New York.

A present-day celebrity will be moving into new property in the Hamptons, while just to the north, a screen legend's estate has been put on the market.

The New York Daily News reports late-night talk show host Jimmy Fallon has bought a $5.7 million farmhouse in Sagaponack, New York. According to the newspaper, the house occupies 2.2 acres of land that used to be a horse farm. There are two barns on the property, and the main house is 3,500 square feet. The Zillow blog says the property was listed last June at nearly $7 million and sold for $5.7 million.

Almost due north of Sagaponack, on the far side of Long Island Sound, the Old Saybrook, Connecticut, estate of Katherine Hepburn is being sold. According to the Shoreline Times, the asking price is $28 million. The current owners, Frank and Barbara Sciame, have owned the real estate since 2004, when they purchased it for $6 million. The 8,300 square foot house sits on 3.4 waterfront acres.

A National Association of Realtors report released on June 21 showed the Northeast is the only region where median home sale prices increased during the last 12 months, while sales volumes decreased less than in other areas of the country.