March 29, 2007

Billy Joel knocks down the price of his mansion on Long Island

Singer Billy Joel has whacked the asking price of his Tudor-style, waterfront mansion in Oyster Bay, N.Y. on Long Island, from $37.5 million to $32.5 million.

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Joel paid $22.5 million in 2002 through his F Scott LLC company for the 14,273-square-foot mansion at 502 Centre Island Road, which was built in 1994, and its 14.6-acre property, according to public records. He listed the estate last September for $37.5 million. At the time, our friends over at Luxist wrote what really was the definitive work on the estate. Check out their coverage of it at the time.

Joel, it seems, is always buying and selling real estate. He famously sold his mansion at 332 Further Lane in East Hampton, N.Y. in 2000 to Jerry Seinfeld for a then-record $32 million, he currently owns a place in Sag Harbor, N.Y. and property in Miami, and he also bought and then quickly sold a 2,681-square-foot unit in the Hubert building at 7 Hubert Street in Manhattan, which he purchased in October 2004 for $3.9 million and sold in March 2006 for $4.25 million, according to public records. And at the time that he first listed his Oyster Bay property in September 2006, the rumor was that Joel and his twentysomething wife Katie had decided to move to Manhattan permanently once the renovations were done to yet another property he owns—the town house at 23 Perry Street in the West Village, which he purchased in early 2006 for $5.9 million, according to public records. However, a New York Times article in September 2006 remarked on Joel’s frustration at not being permitted to build a dock on the Centre Island property, which is because its harbor is a national wildlife refuge.

Features in the renovated five-bedroom mansion in Oyster Bay include three maids’ rooms, a paneled library, a chef’s kitchen with double-height ceilings, large public rooms with fireplaces, a bowling alley and an indoor pool, according to a New York Post article last September about the mansion going on the market. Outside are a three-bedroom guesthouse, a three-bedroom beach house, an outdoor pool, a tennis court, and a dock, all located on about 1,550 feet of waterfront, the article reported.

Check out the house’s listing sheet here.

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