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Burnt Point just took $16M off its asking price

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The massive 25-acre property is now listed for $59 million

Photos courtesy of Sotheby’s

The iconic Wainscott property known as Burnt Point has just taken a massive $16 million off its asking price, now available for $59 million under Sotheby’s International Realty agents, Frank Newbold and Marilyn Clark. In 2015, the private 25-acre property listed for $95 million and eventually came down to $75 million, which was the most recent listing price.

In total, $36 million has come off the listing since it came on the market three years ago. A representative from Sotheby’s told Curbed that the owner “has responded to market realities and is serious about selling.”

Located at 38 Mathews Lane, the home has made headlines several times. The first time, in 1996, was because it sold for a record $10 million to trader, David Campbell. Campbell then recruited famed architect, Francis Fleetwood, to build the massive 18,000-square-foot estate. In 1999, the home was completed and Campbell listed the property for $50 million.

Five years later, pharmaceuticals businessman, Stewart Rahr, purchased Burnt Point for $45 million—which at the time was the most expensive home ever sold in New York State.

Sited on a private peninsula on Georgica Pond, the main house features eight bedrooms, 12 full bathrooms, three half-bathrooms, a steel frame construction, a double-height entry hall, 200-year-old antique flooring, and water views from nearly every room in the house.

There’s also two elevators, an eat-in kitchen with commercial grade appliances, a professional screening room, and a wine cellar. Outside, the property has a massive 2,000 feet of direct water frontage on Georgica Pond, as well as a pool, tennis court with a viewing pavilion, professional green house, a boat house, a private dock, and a gazebo.

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Georgica Pond

, East Hampton, NY