06/03/2010 05:45 pm ET Updated May 25, 2011

Ralph Lauren To Take Over Sag Harbor's American Hotel?

Could it be? Ralph Lauren might be taking over Sag Harbor's famed American Hotel and turning it into his Hamptons flagship, according to the New York Daily News. The hotel, which has been owned by Ted Conklin since 1972, is said to be on the block for roughly $10 million. Conklin, who married his rich high school sweetheart last week, has apparently left the Hamptons for the balmier beaches of Florida. If this rumor turns out to be true, Sag Harbor, seemingly the last vestige of the laidback Hamptons, will turn into Main Street in Easthampton.