Peace and Privacy on 4.6 Acres in Water Mill for $10.495M

This property, in northern Water Mill near the Atlantic golf course, is interesting. There are two separate lots, one 1.9 acres with the main house on it and the other 2.7 acres, with the pool, a legal guest house, and the tennis court. The buyer could theoretically knock it all down and build two new McMansions. We think that would be a shame, though, as the main house has some rustic charm to it. It's 5600sf with six bedrooms, including a junior master on the first floor. There's plenty of outdoor and indoor sitting space, including an inviting screen porch. By the pool is the pool/guest house, which boasts a bedroom, living room, kitchen and covered porches. The tennis court is surrounded by a "timber pole fence," which is rustic too, we guess. Asking price is probably reasonable—new large homes in the area run about $11M, but they don't have anywhere near as much land.

· Bridgehampton Compound [Sotheby's]