On paper it looks like just another 114-acre farm for sale in a New York rural backwater, but to anyone who follows polo it is where  the sport’s most famous annual events takes place.

The Mercedes Benz Polo Challenge, hosted by the Bridgehampton Polo Club at Two Trees Farm, is a must-attend event on New York’s social calendar with Ralph Lauren, Brooke Shields, Chloe Sevigny, Christine Brinkley and Steven Spielberg all regular attendees. This year the event took place on 24th July and both Amber Rose and Kourtney Kardashian boosted the celebrity count.

But all this is now up for sale and for a lot less than two years ago when the property was first reported for sale. Back in 2008 Two Trees Farm was put on the market by owner and Brooklyn-based developer David Walentas for $95 million but the property is today for sale at $75 million.

Although this sounds like a lot for a polo farm despite the price reduction, Two Trees Farm offers both an idyllic and sought-after location and a lot of property.

It’s near Bridgehampton in the middle of Long Island’s most expensive patch of land, the seaside resort area of The Hamptons – a group of 24 villages and hamlets around the towns of Southampton and East Hampton. The area  is where America’s rich and famous like to own homes and current locals include Renée Zellweger and Nathan Lane.

Anyone considering buying Two Trees Farm, which was bought in 1993 by Mr Walentas for $2 million, has to be into horses. As well as two houses, an eight-unit apartment building (for grooms), pool and tennis court there are three barns, two indoor riding arenas and two polo fields.

The property is currently being sold via the New York office of Sotheby’s Realty International.

Q. We have paid a deposit to an international property developer to reserve a villa in Spain. Our intention is to fly out in May on an inspection tour laid on by the developer. However, they have asked us to sign a preliminary contract and have sent this to us now which is ringing alarm bells. Is this procedure correct? I was under the impression that our deposit should be sufficient goodwill?

A. I would strongly advise not handing over either deposits or reservation fees without first inspecting the property/plans and/or taking proper legal advice from an independent English-speaking lawyer to advise you that the transaction is a sound one. At present, the developer has €2,000 of your money and you have absolutely nothing in writing except a tenuous and non-legally binding verbal agreement. In my view, it is a recipe for disaster. I suggest that you find such a suitable lawyer quickly, have them check the credentials and previous building history of the developer and ask the developer to put his lawyers in touch with yours so that a proper, binding contract which protects your interests can be drawn up. Until then, do not sign anything, nor release any further monies.