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Deals & Dealmakers

Richard Gere slashes price for Hamptons home by another $11M

Actor Richard Gere is slashing the price for his Hamptons home by $11 million, marking the third time that the price has been reduced for the Sag Harbor property.

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According to real estate listings website, the 6.3 acre waterfront property known as “Strongheart” now has an asking price of $36.5 million. The amount is almost half the initial asking price of $65 million.

The property, which has been on the market since 2013, has had the asking price reduced from $65 million to $56 million to $47.5 million.  In spite of the price drops, the asking price remains three time more than what Gere paid for the compound. According to a previous report from Variety, Gere assembled the three-parcel spread in three separate deals for a total of $11.3 million.

Susan Breitenbach, a listing agent from Corcoran Group, was optimistic that the compound will soon have a new owner.  “It will sell soon. It’s got a lot of charm,” she said.

The main house in the property, which offers 19,000 s/f of space, was originally built in 1902. The compound also contains two guesthouses, a 60-foot swimming pool and an outdoor basketball court.

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