Sandcastle, the 11.5-acre estate constructed and owned by builder Joe Farrell, may break its own Hamptons rental record.

A real estate source says a discriminating renter who has loads of cash to spend is about to ink a two-week deal for $500,000. At more than $35,000 per day for those first two weeks of July, it just could be the most expensive rental in the Hamptons this summer.

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The estate has it all, including nine bedrooms, 11 ½ baths, a two-lane bowling alley, a disco, a tennis court, a theater, a children’s entertainment center, a climbing wall, a skateboard half-pipe, a spa facility and a heated gunite pool with an underwater stereo system. In all, there’s 31,000 square feet of living space.

Last year, the estate -- which was featured on MTV's "Teen Cribs" -- commanded $425,000 for a two-week rental.

It's also on the market for $49.5 million.

PHOTOS: Click here to see photos from the inside of Sandcastle


Farrell Building Co. photo