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A popular resort location, many famous people have resided in or owned second homes in Amagansett through the years, including Paul McCartney, Kathleen Turner, James Frey, Jerry Seinfeld, Christie Brinkley, Diane Sawyer, Gwyneth Paltrow and Chris Martin, Sarah Jessica Parker and Matthew Broderick, Jann Wenner, Suzanne Vega, and Lorne Michaels. Marilyn Monroe, Randy Lerner and Arthur Miller spent a summer there in the late 1950s. Perhaps the first wave of "summer people" was the "Devon Colony", which was founded in the late 19th century by executives of the Procter & Gamble company.

Amagansett includes a section of Further Lane, which is a block from the ocean, and has one of the biggest collections of mansions in East Hampton. In 2007, one of the estates sold for $107 million, the highest price for a private residential property. As part of the settlement, several 18th and 19th century buildings which had been moved to the estate to prevent demolition were moved elsewhere in the town including five that were moved to form a campus for the East Hampton town government.

Many houses and other buildings still stand from the 19th and even 18th century in Amagansett, Montauk, the Hamptons and other Long Island communities.

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