Tory Burch lowers price of Southampton house

The asking price for designer Tory Burch's waterfront estate in Southampton has been lowered to $16.75 million.

Burch listed the six-bedroom, 8.5-bath home last year for $17.9 million, sources confirm. She had received the OK to demolish the home and rebuild.

Burst pipes damaged the home several year ago. The 4.5-acre property comes with designs by architect Daniel Romualdez for a seven-bedroom, nine-bath home.

Harald Grant and Eve J. Combemale of Sotheby’s International Realty are the listing agents.

This year, Burch bought a part of the Westerly estate in Southampton for $16 million. The sale included six acres of land and a 25-room Georgian Revival mansion.