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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.

Photo via susanbreitenbach.com
Photo via susanbreitenbach.com

According to real estate listings website Realtor.com, 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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