J. Crew chairman Mickey Drexler cuts the price of his Hamptons home after just one month up for sale

Just last month, J. Crew chairman Mickey Drexler put his oceanfront Wainscott home at 120 Beach Lane up for sale for $21.5 million. The home was previously available for sale for the same listing price back in 2016 after several price cuts, originally asking $26.5 million in January of last year.

Now, less than three weeks later, the home has made its first price cut of $3.55 million—bringing the asking price down to $17.95 million.

When the estate was on the market in 2016, some of our readers thought the asking price was too ambitious for the 3,500-square-foot home, even though it’s on over two full acres of land. Many people pointed out that the new owner would need to renovate and update, but that’s all dependent upon the new owner’s style.

The home was built in 2009, so we’re guessing there probably aren’t too many structural problems, though we agree that the exterior could use a facelift.

Inside, there are three bedrooms, two full bathrooms, two half-bathrooms, double-height beamed ceilings, hardwood floors, an open floor plan, large windows, and a fireplace. Outside, there’s a wraparound deck, a boardwalk leading down to the private beach, and 315 feet of direct ocean frontage.

It’s represented by Douglas Elliman agents Paul Brennan and Ronald White.

• Oceanfront Wainscott home returns to the market, keeps $21.5M asking price [Curbed Hamptons]
• 120 Beach Lane [Douglas Elliman]