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It has a long history in racing, and lost due to people turning their backs on cars and racing. Once, New York had several racing venues and slowly they went away.
I was there a couple of times long ago. What a spot for a huge house. I'm sure a few hundred others with enough money thought the same.
Bridgehampton had lots of local opposition, from neighbors who moved next to a race track and then complained about noise, to town councils complaining about traffic, when the traffic was the housing developments on the same roads and not the track traffic.
Last I knew the Bridge was a partial golf course, still in litigation due to the potential contamination of the local aqufier by chemical runoff to keep the greens green. The town would like nothing better than to see that parcel rot (and for the owner to pay taxes, naturally). /:\
There is a fairly complete article in "SportsCar" this month that talks about "The Bridge" in their on going series about Ghost Tracks. Actually, much of the track is still there as the golf course was never completed.
As with Riverside the real estate became too expensive.
There is now a real high end Golf Club there now called the Bridge. 500,000 dollar initiation the last I heard. I played it when it first opened in 2003. Can still see parts of the track and one of the bridge overpass signs is still there when you drive in.
Any of you ever race or time trial there. I still remember coming around 13 and blasting down the main straight a 150 MPH. Some guys went around the turn 3 at that speed. I had a few chicken feathers where my racing suit should have been.