When it comes to selling his house, Billy Joel is in the same boat as so many Long Islanders. He, too, has to lower the price and bow to the market's gloomy side. The difference? The rock legend's home is on the Atlantic Ocean in the exclusive Hamptons community of Sagaponack, and the price cut is in the millions.

Joel is now asking $19.9 million for the four-bedroom, six-bath beach house once owned by the late actor Roy Scheider. Joel put the home on the market last summer for $22.5 million. That's a $2.6 million price cut.

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Listed with Biana Stepanian of The Corcoran Group, the house was a gift to Joel's ex-wife, Katie Lee, a cookbook author, TV food personality and one-time host of Bravo's "Top Chef." It includes a "carefully appointed chef's kitchen" with a "large pantry" and "state-of-the-art appliances."

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