Real LI

Buying and selling real estate in the communities of Long Island

40 acres and a pool in Water Mill

Keep it all to yourself or divide the

Keep it all to yourself or divide the spoils: Whichever way you want to slice it, the $12.5 million price tag is a tantalizing bargain for this 40-acre property in Water Mill, says listing agent Christina Galesi of Sotheby's International Realty Southampton. (Credit: Handout)

Keep it all to yourself or divide the spoils: Whichever way you want to slice it, the $12.5 million price tag some might consider a bargain for this 40-acre property in Water Mill, says listing agent Christina Galesi of Sotheby’s International Realty Southampton.

“The market speaks very loudly in the Hamptons,” she says. “I’ve never had something come on the market with as much interest so quickly.”

The price, the versatility of the land and the vistas from the included 4,000-square-foot house have attracted the attention of both developers and families, she says.

Some land must remain preserved -- the remaining is at the buyer’s disposal, either to subdivide or keep intact as a vast estate. Potential buyers have suggested they’d set up horse stables or use the land for a family farm, she says. “There are tons of possibilities,” Galesi says.

The house has a private balcony off the master bedroom, walls of glass and a sprawling covered porch to take full advantage of the scenic setting. The seven-bedroom house has five bathrooms and a heated, gunite pool.

Tags: Rich Cribs , Sotheby’s International Realty Southampton , Water Mill

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