Richard Gere knocks another $8.5 million off house price

What's wrong with Richard Gere's house? Why has the price been cut?

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Richard Gere has been trying to sell his home in the Hamptons for a year now, with no success. Now, in a bid to get it off his hands, he has reportedly slashed another $8.5 million off the asking price - bringing it to $47.5 million. It means he has now cut the price by an eye-watering $17.5 million in total.

What's wrong?
When you browse the property details, it's hard to see why it hasn't been snapped up. The agents describe it as a "once in a lifetime opportunity to own a truly spectacular waterfront property".

According to the New York Daily News, Strongheart Manor, is a fairly spectacular property. It sits on a six-acre estate on the shore in North Haven - with a stunning panoramic view of Peconic Bay. The Daily Telegraph suggests that the location means that technically you can arrive by seaplane.

It was built in 1902, and boasts 12 bedrooms and 12 bathrooms - along with a gym, 60-foot heated pool, basketball courts and an outdoor fireplace pavilion. There are two guests houses on the estate, along with a tea house which sits on an island and is reached by bridge.

The house is decorated with impecible taste, where the understated elegance of the decor puts the full focus on the enormous windows and beautiful views.

Why the price drop?
It could simply be that the property was too expensive in the first place. It's certainly on the market for far more than Gere paid for it. He bought the property in 2006 for just $6.9 million. It has been added to over the years, as Gere bought and developed surrounding acres at a reported cost of $11.3 million. However, if he gets anywhere near what he's now asking, he'll still make an astonishing profit.

Alternatively it could be a reflection of the market - and the fact that these mega-properties have not been selling so well recently. Gere has been here before: The Telegraph reported that when he sold a house in Water Mill, New York, he cut the price from $8.8 million to $5.9 million in order to secure a sale.

He's one of an increasing number of celebrities who have had to knock millions off the asking prices of their spectacular homes - including Bruce Willis, Jodie Foster and Billy Joel - so Gere is at least in good company.

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