Gracious Twelve-Acre Estate in North Water Mill for $8M

If you value privacy and you like the northern reaches of Water Mill—which we do, it's so quiet and peaceful—this is a great option. There's 12 acres of land to spread out in, which could possibly be subdivided. Of course there's a 50' gunite pool and room for tennis. The second floor of the handsome 8200sf house features views of Peconic Bay. The house itself is very traditional; we love the built-in bookcases and the photobombing Labrador (not included). There are six en-suite bathrooms, an elevator, and five fireplaces. As for the asking price, we think it's too high—for that much, a buyer could be south of the highway and close to the ocean. Of course, the house would be less nice and there wouldn't be so much land. As with everything else, it's all a matter of priorities.

· Waterview in Water Mill [Sotheby's]