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

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

Photos courtesy of Douglas Elliman

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.

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Flying Point Beach

1055 Flying Point Road, , NY 11968

Mecox Bay

, , NY 11976