Rent Bridgehampton's Sandcastle for $500K

Monday March 7, 2011 1:11 PM By Valerie Kellogg

Photo credit: NEWSDAY/handout | A luxury 11.5-acre estate in Bridgehampton known as Sandcastle has come on the market for $50 million. The newly constructed 31,000-square-foot, three-story house is also on the rental market � for $500,000 for any two-week period in July or August. It comes with a two-lane bowling alley. Pictured: For Home Section / Valerie Kellogg.for web slideshow ( Handout ) ltc

The fanciful Bridgehampton estate known as "Sandcastle" is back on the rental market for $500,000 for two weeks.

Owner Joe Farrell, the Hamptons builder who constructed the home for himself and his family, is asking $49.5 million for the property should anyone want to buy. (It is listed with Gary DePersia of The Corcoran Group and Chris Burnside of Brown Harris Stevens.) The 31,000-square-foot, 11.5-acre spread comes with a two-lane bowling alley, a skateboard half-pipe, a rock climbing wall, a media room with five plasma televisions, a squash and racquetball court, a disco and full bar, a spa, a 60-by-20-foot heated gunite pool with an electric cover and an underwater stereo system, a sunken tennis court and a 10-seat theater.

The house set a record last summer when Farrell got his rental asking price from a businesswoman who stayed there for two weeks with her family.

Tags: Sandcastle , Rich Cribs , Hamptons , rentals , builders , Joe Farrell , The Corcoran Group , Brown Harris Stevens