The Related Cos CEO Jeff Blau (pictured with Perkins+Will’s Debra Cole, Rhodes Associates’ Jane Lyons and Newmark Knight Frank’s Robin Fisher) is selling his Bridgehampton vacation compound for $32M, possibly to move ahead with plans for an estate nearby. There's no official word on why he's selling the mansion, but rumors are swirling that he's trying to build a new waterfront estate a few miles away in Wainscott. In 2013 he dropped $25M on two adjoining parcels off Wainscott Main Street, and he has reportedly been trying to get permission to build three houses on the site, the New York Daily News reports. The six-bedroom home was renovated by Michael Davis. It has a tennis court, a pool, a spa and a playground, and sits atop a sandbank, touting views of the Mecox Bay. Blau and his wife also recently purchased a $51M pad on East 70th St. The Bridgehampton home is listed with Saunders & Associates. [NYDN]