Massive Water Mill estate listed for first time at $38.5M

A new Southampton listing reads as a seller’s special in the ritzy Hamlet: Buy a home and its two adjacent lots, get $3.5 million off.

The Swiss-based financier who owns the property at 635 Flying Point Road in Water Mill has listed the home on the property for $18.5 million, the New York Post reported. The two separate building lots are listed for $10 million each.

Someone willing to buy all three, however, can save a few bucks by paying $35 million, rather than the $38.5 million sum of the asking prices.

The three parcels combined are more than six acres, which helps explain the lofty price. The full listing makes the property one of the largest south of the highway.

The seller purchased the property for an undisclosed sum in 1998. The home was built one year later, according to the listing.

The centerpiece is the 7,500-square-foot home, which is on a 2.3-acre plot. It has a view of Mecox Bay and dock access on one side and park-like views on the other.

The main home features nine bedrooms and eight-and-a-half bathrooms. On the first floor, a wood-burning fireplace overlooks the scenery. There’s also a sun room with heated floors, a wood-paneled library and a formal dining room.

One level up are most of the bedrooms, including the primary suite, which has a balcony and fireplace. The property also has a guest house with a kitchen, living room and two bedrooms.

The grounds include a pool, pool house and large backyard with terraces. The property also has a permit to build a tennis court and is close to Flying Point Beach.

Douglas Elliman’s Michaela Keszler has the listing.

Home prices in the Hamptons are being buoyed by the luxury market, but the overall median price fell 2.9 percent year-over-year in the first quarter. There were 171 sales in the quarter, the second-lowest on record, according to a report by Miller Samuel for Douglas Elliman.

— Holden Walter-Warner