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Author Katie Lee's Multi-Million Hamptons Downgrade Still Enviable

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Ever since her divorce from Long Island native Billy Joel, celebrity chef and author Katie Lee has been shacking up in her one-time love nest on the ocean in Sagaponack. But while Joel (unsuccessfully!) tries to sell the PriceChopper veteran, Katie has moved to a new home in Water Mill, says Real LI.

The new digs are, by most accounts, a downgrade from her previous $16.8 million spread—but they're still pretty awesome! The 6,700-square-foot home sits on a north-of-the-highway plot of land that sold in 2008 for $1.350 million. And the shingle-style home comes with a jazzy gourmet kitchen—perfect for trying out new recipes. But the best part? The property, which was most recently listed for $3.999 million, once wanted as much as $4.850 million. Translation: Katie made out like a bandit!

· Billy Joel's ex buys Water Mill house [Real LI]
· Listing: Beautiful Country Manor Home [T&C}