Developer David Walentas and prolific Hamptons home builder Joe Farrell are reshaping Walentas' Two Trees Farm in Bridgehampton, the property famous for hosting the Mercedes-Benz Polo Challenge.

Walentas, who purchased the 115-acre north-of-Montauk Highway property in the 1990s, put it on the market for $95 million in 2010. He has since divided the property into more than a dozen parcels, with Farrell purchasing five two-acre building lots earlier this year for $11.7 million. Farrell is marketing five spec houses, priced at $8 million to $10 million each.

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Walentas is also building four of his own homes on some of the remaining property. The first home -- with seven bedrooms, 8 1/2 bathrooms, an elevator and a finished lower level -- has been completed and is on the market for $8.995 million. The others are expected to be completed by the fall and next spring. They are priced at $9.45 million, $9.95 million and $10.995 million. Each come with two-acre lots.

"These are all high-end, very custom houses," says listing agent Christopher Burnside of Brown Harris Stevens. "They're not like traditional spec houses."

Walentas is also in the process of designing more houses on seven other lots, and there will be the opportunity for buyers to build their own custom homes.