A 12,000-square-foot Water Mill home owned and designed by famed artist and architect Setsuo Ito is up for auction.

Although the property is listed for $10,995,000, Ito could choose a buyer through sealed bids between now and Aug. 15 based not only on the amount offered but the conditions of the offer, such as closing time and financing, says Jacky Teplitzky of Prudential Douglas Elliman Real Estate, who is co-listing the property with Enzo Morabito .

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There will be an open house from 2 to 4 p.m. Aug. 15.

"It’s a very unique house with a very unique location, and we don’t want people to miss it,” says Teplitzky. “We want people to come see it and give their best offer, an offer they think is fit. We want to know what our clients are thinking.”

Last year, the house was listed for $30 million.

This home, situated on the highest point in the Hamptons, has views of both the Atlantic Ocean and Peconic Bay. This home features a 32-foot high glass pyramid overlooking a Jacuzzi and gunite pool. There also is a 1,600-square-foot spa and 4,000-square-foot sun deck.

This modern home has seven bedrooms and five baths. It also boasts an atrium living and dining area, art gallery and media room. The design of the home incorporates hints of Zen Buddhism and feng shui. But to get to this property, you have to drive along a half-mile, double-gated driveway. The nearest neighbors are around a half-mile away, says Teplitzky.

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The house is on nine acres, but has a total acreage of 15. The owner recently got permission to subdivide the unused acres, says Teplitzky.