Sandcastle, the 11.5-acre estate constructed and owned by builder Joe Farrell, may break its own Hamptons rental record.

A real estate source says a discriminating renter who has loads of cash to spend is about to ink a two-week deal for $500,000. At more than $35,000 per day for those first two weeks of July, it just could be the most expensive rental in the Hamptons this summer.

The estate has it all, including nine bedrooms, 11 ½ baths, a two-lane bowling alley, a disco, a tennis court, a theater, a children’s entertainment center, a climbing wall, a skateboard half-pipe, a spa facility and a heated gunite pool with an underwater stereo system. In all, there’s 31,000 square feet of living space.

Last year, the estate -- which was featured on MTV's "Teen Cribs" -- commanded $425,000 for a two-week rental.

It's also on the market for $49.5 million.

PHOTOS: Click here to see photos from the inside of Sandcastle

Farrell Building Co. photo

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