Billy Joel lowers asking price of NY home

Anyone interested in moving into Billy Joel's Sagaponack, New York mansion may be in luck, as the rock icon has cut the asking price by 18 percent, reported Zillow.com.

The oceanfront mansion is now listed at $18.5 million, a drop from the $22.5 million asking price when it was originally put on the market in 2009. Joel purchased the oceanfront house in 2007 from late actor Roy Schneider for $16.75 million as a gift for his third - and now former - wife, Katie Lee.

The two-story house contains four bedrooms, six bathrooms, and terraces on both floors with magnificent views of the ocean. With other amenities including a massive chef's kitchen and a spacious living room with a cathedral ceiling and two fireplaces, the home is a dream location for those looking to pack their moving boxes and explore this small New York community.

While Sagaponack is one of the most expensive small towns in the nation, figures from Zillow show that the area has seen its share of small losses due to the struggling housing market. Home values in the area have seen a year-over-year drop of 14.5 percent, falling to a median price of $3.4 million.

 

 


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