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Burnt Point Has $20M Singed from its $95M Asking Price

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On the market a year now

The beautiful, extravagant Burnt Point estate came onto the market just about a year ago, asking an eyewatering $95M. Yet, considering the huge 24 acres of land, with 2000 feet of frontage on Georgica Pond and ocean views, we thought $95M was a fairly realistic asking price. But owner Stewart Rahr clearly wants to be rid of the place, so the new asking price is $75M.

The property first made headlines in 1996, selling to commodities trader David Campbell for a record setting $10M. Campbell commissioned architect Francis Fleetwood to build the house, which was completed in 1999. Campbell then put the estate on the market in 2000, asking $50M. The property sold to pharmaceuticals billionaire Stewart Rahr for $45M in 2005, then the most expensive home ever sold in New York State. (Whence the name? A forest fire around the turn of the twentieth century that denuded the point.)

The property offers more land than anything else available in East Hampton. The house is a massive 18,000sf with eight bedrooms in toto; part of it is a self-contained four bedroom and 4.5 bath guest wing with its own balcony and sitting room. There are some nice features like two elevators, stone fireplaces, antique beams and 200-year-old oak floors, although most of the interiors could use some updating. The house is being sold furnished except for the art. There's a media room, game room, gym, and wine cellar.

Outside, there's a tennis court with pavilion; pool, hot tub and waterfall; professional greenhouse; boat house; dock on a small beach; and a pretty waterside gazebo perfect for relaxing.