And for those with serious money to spend, it is also where many people choose to buy a second home or even set up permanent residence.
Anyone seeking one of the two, and with $175 million burning a hole in their pockets, may be keen to learn about a new property currently on the market.
Located in Southampton on Jule Pond, this home was originally built for the legendary Ford family (the owners of the eponymous car company) and has been listed for the record sum.
The estate spans 42.12 acres, while the home itself is 20,000-square-foot, with 12-bedrooms.
The property features a giant 60-foot heated gunite pool with a hot tub, along with the largest ocean frontage in the Hamptons – measuring nearly a quarter of a mile.
The home was renovated in 2008, but retains a number of original features including molded ceilings, Italian marble fireplaces and French-style parquet floors.
In true Hamptons style, the grounds include basketball and tennis courts, while a carriage house on the estate has been outfitted with three bedrooms and one and half baths.
The home’s current owner is reportedly portfolio manager Brenda Earl, once a partner at equity fund Zweig-Dimenna. She bought the property back in 2002 when it was known as Fordune.