Villa Maria Pricechopped $10M, Down to $39.5M

Last time we checked in with Villa Maria, the beautiful c. 1910 estate in Water Mill, about two years ago, the price for the house plus 7.6 acres was $49.5M. (The property currently comprises 15 acres in toto.) Now $10M has been sliced off the ask; if you wnt the house plus all 15 acres it'll run you $67M; formerly it was $85M.

The house, which used to be a retreat for nuns, was purchased back in 2005 by Nine West founder Vince Camuto for $35 million. Then the Camutos put the house and the entire 15-acre spread through six years of total renovation. It has been on and off the market for years now; originally asking $100 million (a price "open to discussion") back in 2008. The 22,000-square-foot main house boasts 11 bedrooms "including a 6-room beautifully appointed master suite, a handmade stone and wrought iron staircase, [and] a 60 foot living room with original fresco details." Of course, Vince Camuto died earlier this year, although we doubt that has anything to do with the pricechop. Such a huge, expensive property right on Montauk Highway is a tough sale.

· Villa Maria [Sothebys]
· All Villa Maria coverage [Curbed Hamptons]