Burnt Point, one of the priciest Hamptons estates, is back on the market with a steep discount.
The 25-acre peninsula property on famed Georgica Pond in Wainscott, New York, is now up for grabs for $59 million, down 38%—or $36 million—from its original listing price of $95 million, set in October 2015.
If $70 million was too pricey for a Hamptons beachfront property, we have some good news! https://t.co/zbvzSdTphS pic.twitter.com/XOe5jXQYjl
— Mansion Global (@MansionGlobal) March 26, 2018
The listing has been on and off the market since then and the price was dropped to $75 million in June 2016. The listing was removed last October and returned Monday with the same brokerage, Sotheby’s International Realty, listing records on Realtor.com show.
Listing agents Frank Newbold and Marilyn Clark weren’t immediately available for comment.
The property, surrounded by water and lush trees on three sides, has a 18,000-square-foot, five-bedroom main residence and a self-contained three-bedroom guest wing.
Outdoors there is an infinity pool with waterfall and spa, a tennis court and a boathouse.
More:Vince Camuto’s Hamptons Estate—Asking $72 Million—Finds Buyer
The seller, Stewart J. Rahr, a pharmaceutical entrepreneur with a net worth of $2.2 billion by Forbes’ estimate, bought the property in late 2004 for $39.25 million, property records show.
Mr. Rahr didn’t immediately respond to a request for comment sent to his foundation.
The sales price includes all the designer furnishings, according to the listing.
Curbed first reported the relisting of the property.