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Move over Della Femina, There's A New $40M Listing in Town

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Well before the summer started, ad man Jerry Della Femina decided to list his Drew Lane spread for $40 million. The house boasted "the best oceanfront and view in the Hamptons," and, for all intents and purposes, was the $40 million listing. However, a sleeper property over in Water Mill, which is owned by former Doubleday publishing CEO John Sargent, is looking to take that title away. The new contender offers 2.2 acres of eye-catching Mecox bay frontage and loads of antique charm. So does the house look like a $40 million showplace? Not even a little bit! But don't let that stop you, especially since heavy-hitting neighbors like Pete Peterson and Stephen Schwarzman abound. So whose house is really the $40 million listing: Jerry Della Femina's or John Sargent's? Yeah, it'll depend on which one actually sells.
· Listing: 186 Crescent Ave [Corcoran]
· Oh 'tay! [NY Post]

186 Crescent Avenue, Water Mill, NY