The asking price for the oceanfront East Hampton home of advertising guru and restaurateur Jerry Della Femina has been slashed to $34.995 million.

Della Femina and his wife, journalist Judy Licht, had been asking $40 million.

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Susan Breitenbach of The Corcoran Group, who is listing the property, says the eight-bedroom, 6-1/2-bathroom home has "one of the nicest views in the Hamptons."

The 1.69-acre property features a heated gunite pool overlooking the ocean as well as a pool house.

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