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Bayfront Water Mill estate cuts asking price, down $5M in one year

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And it’s come down nearly $7 million in two years

Photos courtesy of Sotheby’s

At 64 Holly Lane in Water Mill, a 7,000-square-foot estate stands on an acre and a half of land with 500 feet of water frontage on Mecox Bay. The waterfront property has just cut its asking price by $1.3 million, making it available under Sotheby’s International Realty agent, Beate Moore, for $17.95 million. But this isn’t the first time that the estate has decreased its asking price.

In the summer of 2016, it landed on the market for $24.75 million—but eventually the listing was removed. When it relisted a year later, it was asking a slightly less $23 million, and after just a month on the market went right down to $19.25 million. Over the last year, more than $5 million has come off the listing, but since it landed on the market back in 2016, nearly $7 million has been taken from the asking price.

Hollywood talent agent, Peter Benedek, purchased the estate in 2004 for $3,075,000.

Built in 2008, the seven-bedroom, nine-bathroom home has direct bay views and views out to the ocean as well. The master suite has two bathrooms and dressing rooms, the breezeway has Telescopic doors for indoor-outdoor entertaining, and a glass elevator services all three floors. Outside, there’s a long waterview deck, pool, pool house, and a boat dock.

When we first featured the estate on Curbed, we said that $24.75 million was a bit ambitious and the price was likely going to come down. One commenter said that $18.5 million was a more realistic price. Now that it’s below $18 million, do our readers think that this price cut will provide incentive to sell?

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