UPDATED, Monday, September 14, 12:02 p.m.: Billionaire Chris Burch is in contract to sell his Southampton estate, representatives with Sotheby’s International Realty said. The deal is expected to close in October. The investor and former husband of designer Tory Burch had previously put his home on First Neck Lane up for rent from May 1 to July 31 for $425,000. The New York Post previously reported that the property sold for $18 million, but it’s currently listed on the MLS for $15 million. The property has a guest house, landscaped gardens, a tennis court and pool. The main home spans 7,000 square feet with nine bedrooms and 11 bathrooms, vaulted ceilings and a library. Burch, who is worth $1 billion according to Forbes, bought a mansion in Miami Beach earlier this year for $14.2 million, but is reportedly in the market for a waterfront home in the Hamptons. While it’s a good time to sell, it’s a tough time to buy. A flood of urbanites this year has made for a highly competitive market. [NYP] — Dennis Lynch
Correction: A previous version of this story stated the sale closed for $18 million.