Gere’s Water Mill home goes for 1/3 below ask

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Actor Richard Gere has sold his Water Mill house for $5.9 million, about a third lower than the $8.8 million asking price. The price was slashed to $7.2 million in June after being initially put on the market in February. The seven-bedroom, seven-bathroom home sits on 1.2 acres including a guest house, artist’s studio and a heated pool. Gere and his wife, actress Carey Lowell, purchased the home for $2.75 million in 2001.