The Stars and Stripes fly high above this gated 4.8-acre Shelter Island estate, which includes a towering flagpole that was formerly the mast of a vessel tea magnate Sir Thomas Lipton sailed in the America’s Cup. The property is listed for $32 million.

The seven-bedroom, 7.5-bath main house dating back to 1880 contains original floors, moldings and porches, says listing agent Beate Moore of Sotheby’s International Realty.

advertisement | advertise on newsday

Lipton, a Scotsman who parlayed his success as a grocer into revolutionizing the tea trade in the late 19th century, was a noted yachtsman whose five attempts from 1898 to 1930 to win the America’s Cup put Lipton teas on the map in the United States.

Rolling green lawns fill the expanse between Shelter Island Sound and the three-story, 7,000-square-foot house atop a bluff. The property includes more than 400 feet of waterfront, an 80-foot L-shaped dock and a 400-square-foot boathouse.

Inside the main residence, there is a living room with a fireplace and multiple sitting rooms for entertaining. The dining room is paneled in hand-carved and burnt-oak sections crafted by a German artisan, Moore says. A chef’s eat-in kitchen opens to a round dining cabana.

The grounds include a waterfront heated gunite pool with a gazebo, a spa, basketball court and Har-Tru tennis court. For bird-watchers, there is also an osprey nest; for visitors, a 3,000-square-foot windmill has been converted into guest quarters with an entertainment level, guest suite, kitchen and living-dining room.