Jerry Della Femina lowers price of East Hampton home

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.

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.

 >> PHOTOS: A rental with amenities
>> PHOTOS: If you want a house for $315,000
>> Selling tips: Expert advice to help you sell your home
>> Buying tips: Pointers to help you navigate the process
>> Find your dream home.