Gimbels Department Store Family Estate In Contract For $5.4M

WATER MILL, NY — An estate belonging to the family who owned the famed Gimbels department stores is in contract for its full asking price of $5.4 million.

According to Douglas Elliman Real Estate, the property, located at 391 and 396 Cobb Road in Water Mill, got an offer just three days after it came on the market, and was in contract about a month later, on Aug. 22.

Built in 1890, the elegant Colonial is believed to have been one of the three Gimbel estates in Water Mill purchased by the family in 1910, Douglas Elliman said.

It hit the market for the first time in 30 years, and had most recently been home to an Italian financier, fashion house-owner and composer. Notable visitors to the home have included Carnegie Hill musicians, Douglas Elliman noted.

“By day they practiced for hours in the house and music studio above the garage, and by night impromptu concerts were held through summer months out on the lawn or in the front room, with singing and dancing afterwards into the wee hours,” according to the current owner.

Historically significant and with period details intact and charm galore, the estate, represented by Michaela Keszler of Douglas Elliman, includes a 5,000-square-foot main house with five bedrooms and five-and-a-half baths, wraparound porch and multiple patios and terraces, two fireplaces, library and formal living room; a connected playhouse with separate full bath and entrance; artist’s studio with fireplace, bedroom and bath; and two-car garage. Sited on 1.5 acres, the property features lush gardens, parklike landscaping and a guitar-shaped pool.

To view the full listing, click here.

Photo courtesy Douglas Elliman Real Estate.