A Hamptons summer rental is asking $2.5 million for the season, which could set a record for the popular vacation destination, according to listing agent Tim Davis of the Corcoran Group. Located on prestigious Meadow Lane in Southampton, the beachfront home is available from Memorial Day to Labor Day, Mr. Davis said. If it fetches its asking price, which comes out to about $833,000 a month, it would likely be the priciest-ever full-season Hamptons summer rental, said Mr. Davis, who said he believes the highest price paid so far is around $1.5 million. The eight-bedroom home sits on 8 acres between the Atlantic Ocean and Shinnecock Bay, where it has a private dock, Mr. Davis said. Measuring about 18,000 square feet, the house has several terraces, including one off the master bedroom with an outdoor hot tub. Inside, there is a gym and a game room with a billiards table and ping pong. The gated estate includes a tennis court, basketball court and swimming pool with a shaded pergola. Private dune walkovers provide beach access. A renovation project on the house was completed earlier this year, he said. The house is being rented because the owner won't be using it this summer, Mr. Davis said. According to public records the house is owned by Marcia Riklis, a philanthropist and daughter of financier Meshulam Riklis, founder of Rapid-American Corp.