Georgian-style Water Mill mansion hits the market at $58.5M

By Amy Tennery | October 27, 2010 11:15AM

The Water Mill mansion

A 20,000-square-foot behemoth has hit the market in Water Mill for $58.5 million. The mansion, a newly built property listed by Harald Grant, a senior vice president with Sotheby’s International Realty, sits on four acres.

Grant said that building the home cost roughly $2,000 per square foot — which he feels justifies the hefty asking figure. Grant said the home, which was custom-built by its current owner, fits a certain type.

“[It’s] Georgian slash traditional… it’s not everyone’s taste but it’s extraordinarily built,” Grant said of the mansion, which includes eight fireplaces, a 10,000-bottle wine room, marble bathrooms, a 16-seat theater with custom leather seating and a library with coffered ceilings.

The owner, whose identity Grant would not reveal, only recently completed the home after two years of construction. He chose to put the house on the market after moving to the west coast, Grant said, despite the somewhat slower sales momentum in post-peak season Hamptons.

The listing is hitting the market during a tenuous time in the Hamptons residential market. Earlier this month, many of the East End’s top firms reported a precipitous decline in high-end sales in the area.