The waterfront estate of former Doubleday publishing chief executive John Sargent Sr. has come on the market with a price tag of $40 million.

Located on Mecox Bay in Water Mill, the 2.6-acre property with a 600 foot-bulkhead boasts views of both the bay and the ocean.

The main house has four bedrooms, 4.5 bathrooms, a formal living room and dining room and a state-of-the art kitchen -- with, of course, water views from every room. Other amenities include a guest cottage, an artist's studio over a three-car garage, an in-ground pool and a 30-by-50-foot dock.

Listing agent Jason Schommer of The Corcoran Group says the original structure was a farmhouse built in 1826 and moved to its current location around the 1960s.

“This is a rare opportunity to own the best view in the Hamptons," he says. "This property offers a serene place to recharge the batteries and will be a gathering spot for generations to come. If there is a heart of the Hamptons, this is it.”

Oh, and if $40 million is in your budget, you also can check out advertising executive and restaurateur Jerry Della Femina’s oceanfront mansion in East Hampton, which is still on the market and being handled by Corcoran.

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