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After An Upgrade, Studley CEO Lists Sagaponack Manse

The commercial real estate business must be treating Mitchell Steir incredibly well. If the NY Post is correct (last item), it was the CEO of Studley who purchased the Bay Lane property that J-Lo was rumored to be interested in last year. So what's a man who just shelled out $15.1M for an estate in Water Mill do to celebrate buying a new summer home? Put his Sagaponack home on the market, of course!

Listed with Brown Harris Stevens for $5.295M, the six-bedroom offers 4600 sq. ft. of living space, formal dining a living rooms, an "exquisitely appointed kitchen," and a first floor master suite that opens "to the expansive lawn, manicured gardens, dining terraces, sun decks, garden hot tub, and numerous gathering and entertaining spaces superbly sited throughout the grounds." The 1.4 acre property also includes a detached garage with a loft and?no surprises here?a heated gunite pool and a poolhouse with a full bath and kitchenette.

If Mr. Steir is able to find a buyer for the full amount?which is rare these days, even if the brokerbabble notes that "No other property offers the same value considering the outstanding location, the substantial acreage, and top amenities"?he stands to come away with a handsome profit. According to Zillow, he originally purchased the place for 2.65M back in 2003.

· Listing: Exquisitely Appointed Traditional [Brown Harris Stevens]