$48M Montauk mansion gets 18% price cut after one month on the market

A month after a 36-acre oceanfront property in Montauk came on the market for $48 million, its price tag was cut down to $39.5 million, according to Curbed. Frame dealer Eli Wilner and his wife bought the property in 1992 for $630,000. They then built the property’s only structure, a stucco home by Frank Hollenbeck and Men at Work Builders. The 7,000-square-foot home has five bedrooms, five bathrooms, four gas fireplaces, hand-carved doors, heated marble floors throughout, a winding wood staircase, floor-to-ceiling windows, an elevator and a home theater. The home also has two carved murals resembling similar ones found on the Normandie luxury cruise ship. Kathleen Coumou of Christie’s International Real Estate and Martha Gunderson from Brown Harris Stevens are representing the listing. [Curbed]