Mansion Global

Priced to Sell: East Hampton Oceanfront Estate Chops Off $20M Within Four Months

The six-acre property, listed for $69M in September 2016, is now asking $49 million

Save

The six-acre oceanfront estate in East Hampton, New York, which has had its price chopped twice before the busy summer season, is taking another reduction, this time for $10 million, bringing the ask down to $49 million as of Thursday.

First listed for $69 million in September 2016, the price tag of the estate on Further Lane was lowered to $65 million in June and then to $59 million in July, listing records show.

"The seller wants to take advantage of the August/September selling season when everyone is here," James Petrie of Compass, who co-listed the property with Ed Petrie, told Mansion Global in July.

Despite the price cuts, what the property encomasses remains unchanged. The property has a main residence, boasting 10,000 square feet of interior living space and 2,400 square feet of covered porches and porticos.

There are seven bedrooms, nine-and-a-half bathrooms and a large expanse for entertainment, featuring plank-wood flooring, coffered ceilings, wrought fireplaces and ocean views, according to the listing.

Outdoors, there are manicured gardens, a heated infinity pool, a rooftop viewing deck and sandy beaches.

According to property records, the seller is the estate of the late James Marcus, who passed away in 2015 at 85. He was a partner at Goldman Sachs and a former chairman of The Metropolitan Opera as well as Lenox Hill Hospital.

He bought the property in 1995 for $3.9 million but demolished the old house immediately and commissioned renowned Hamptons architect Francis Fleetwood to custom-build the current contemporary residence, according to the listing, blending indoor and outdoor living.

The six acres of oceanfront land could justify the current price tag. "It's certainly the best value on the oceanfront," said EdPetrie.

To put this in perspective, the East Hampton home Beyonce and Jay Z reportedly purchased recently for $26 million, sits on two acres.

The summer house of former first lady Jacqueline Kennedy Onassis, sitting on seven acres on Further Lane, has recently chopped $5 million off the priceand is now asking $30 million.