Gimbel estate in Water Mill lists for $5.4M and immediately finds a buyer

The Gimbel family—from Gimbels department stores—purchased the property in 1910

By Grace Cassidy Aug 23, 2018, 6:22am EDT

Believed to be one of the three Gimbel estates in Water Mill purchased by the department store-owning family in 1910, the 19th century estate at 391 & 396 Cobb Road went into contract almost immediately after going on the market for $5.4 million.

Built in 1890, the home has been owned by an Italian financier and fashion house owner for the past 30 years. The owner is also a composer—Carnegie Hall musicians have visited the estate, which has a guitar-shaped pool in the backyard.

The Colonial style main house has 5,000 square feet of living space with five bedrooms, five and a half bathrooms, a wraparound porch, fireplaces in both the formal living room and the library, and French doors that lead out to the exterior gardens. The kitchen offers a wet bar, pantry, and breakfast nook. Meanwhile, a separate entrance opens to the playroom with a full bathroom.

A second-level master suite features a sitting area and fireplace, while the remaining bedrooms and bathrooms can be found on the second and third floors.

Outside, there are patios, terraces, a pool, entertaining space, and a two-car garage which hosts an artist’s studio with a fireplace and separate bathroom above it.

Located just south of the highway, the 1.48-acre property is close to Mill Creek and Mecox Bay, about two miles from the ocean at Flying Point Beach, and less than a mile from Water Mill shops and restaurants.

Douglas Elliman Real Estate agent, Michaela Keszler, represents the listing.