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Water Mill home on Bay Lane down almost $10M in two years

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It just received another $4.45M price cut this week

All photos, Sotheby’s International Realty

In March of 2015, the bayfront home at 86 Bay Lane in Water Mill came on the market for $29.95 million under Sotheby’s International Realty agent Harald Grant. Two years and two price cuts later, the home is now asking $20.5 million—just over two-thirds what it was asking when it originally went up for sale.

The first price cut came after just six months on the market, bringing it down to $24.95 million. It sat with that asking price now for almost two years, up until this week. Earlier this week, it received a $4.45 million price reduction, putting it at the current $20.5 million price.

In total, almost $10 million has come off the asking price since it came on the market.

The 6,100-square-foot home sits on 4.6 waterfront acres with 300 feet of west-facing water frontage on Mecox Bay. The property will afford the future owner a private dock, direct access to the bay, and indirect access to the ocean by boat.

A heated gunite pool, all-weather tennis court, gazebo, covered outdoor dining patio, two-car garage, and gardens are all found on the grounds.

Built in 1986, the main structure has seven bedrooms, five full bathrooms, and two half bathrooms, a double-height entry, den with built-in bar, and a cupola. There’s a private balcony off the master suite, and the bay can be seen from almost every room in the house.