$5M taken off asking price of Sagaponack estate on 10 acres

Will the price cut entice a buyer?

By Grace Cassidy Sep 21, 2018, 8:24am EDT

After about a year and a half on the market, the home at 550 Parsonage Lane in south-of-the-highway Sagaponack has received its first price cut, bringing the listing from $24,995,000 down to $19,995,000.

Even after the $5 million price cut, the 10-acre property is still the most expensive single-family home available on Parsonage Lane, followed by the contemporary estate at the 289 address seeking $17.95 million. It is surpassed only by a three-property compound listed for $59.9 million.

Built in 2007 by esteemed architect Jeffrey Collé—the same architect responsible for the Pond House in East Hampton purchased by Beyoncé and Jay-Z—the shingled traditional spans a massive 12,000 square feet with eight ensuite bedrooms and two additional bathrooms.

Features include coffered ceilings, wide plank hardwood floors throughout, multiple fireplaces, a butler’s pantry off the chef’s kitchen, a screened-in porch for indoor-outdoor dining, and a wood paneled library. The master suite has private balconies to both the front and rear of the home, a fireplace, and even a walk-in closet with a wet bar. Downstairs, the finished lower level includes a billiards room with a bar, two fireplaces, a home theater, and a laundry room.

Outside, there’s a heated gunite pool, a Har-Tru tennis court, a half-court basketball court, and mature landscaping. Debbie Brenneman, Charlie Esposito, and Debbie Loeffler from Corcoran Group Real Estate represent the listing.