Reports of Billy Joel's profit have been greatly exaggerated. A few weeks ago, it was rumored that Joel had sold his Sagaponack oceanfront bungalow for close to the asking price of $12.5 million. Well, the closing details are in and it turns out Mr. Big Shot is taking a big loss. Real LI reports that the Sagaponack cottage he originally purchased for $11.6 million just sold for $10 million to a mysterious buyer named "Under The Wind LLC." Of course, Joel can make up the loss with his other beachfront house. Having paid $16.75 million in 2007, it's currently on the market for $22.5 million.
· Rocker Billy Joel took a loss on this Sagaponack house, public records reveal [Real LI]