Following Second Price Drop, Richard Gere Estate Can Now Be Had For $36.5 Million

Poor Richard Gere. No, seriously, POOR Richard Gere. Two years ago, when he and Carey Lowell, who had once starred on TV’s “Law and Order,” began their divorce proceedings, reports contended that the actor was worth $100 million. Three weeks ago, when the New York Post reported on the couple’s latest court appearance to end the 12-year marriage, the newspaper noted, “Gere is worth an estimated $45 million.” No wonder it was announced this week that the price for Mr. Gere’s property in North Haven has dropped again. It was originally listed for $65 million, then it descended to $47.5 million, and now the ask has been trimmed by another $11 million, to $36,500,000. While he is not anything like the homeless man he played brilliantly in last year’s film, “Time Out of Mind,” apparently Mr. Gere needs the money.

Mr. Gere’s house and grounds, known as “Strongheart Manor,” would seem to be a prize possession at any price. (Especially when it includes having Jimmy Buffett as a neighbor.) The living area is 19,000 square feet and, including two guest houses, contains 12 bedrooms and 12 baths. The estate was created in 1902 by the actor Robert Edeson, a successful stage actor who had also starred in Cecil B. DeMille’s silent film classic “The Call of the North.” Because Mr. Edeson hosted visits by such famous performers as Douglas Fairbanks, Mary Pickford, and the Barrymore siblings, the street acquired the name Actors Colony Road. (The actress Drew Barrymore’s last name is from that side of her family, and an ancestor on the other side was John Drew, who has a theater named after him at Guild Hall.)

The manor sits on 6.3 acres and has 300 feet of bay frontage. Mr. Gere bought it in 2006 for $6.9 million and did renovations to it. Amenities include a private pond, a basketball court, a grand piano in the formal living room, a den with an original stone fireplace, a gourmet chef’s kitchen, open-air fireplace pavilion, and a screened-in porch spanning almost the entire length of the house and offering water views. An interesting option for the potential new owner is that the property is subdivided into three single and separate lots, offering the possibility of additional development.

Maybe it is not this particular property that is a tough sell, perhaps it is that the Sag Harbor-area market is not as robust as many people think it is. A storm cloud could be a drastic reduction in the price of one of the units at The Watchcase, the development created out of the ruins of the former Bulova factory in the center of the village. The 2-bedroom, 3-bath, 2,019-square-foot unit at 15 Church Street had first been listed at $7.9 million, but after this week’s drop of $4,310,000, it’s a relative steal at $3,590,000.

For several weeks, Watchcase developers have been advertising “new summer prices.” It remains to be seen if 15 Church Street is an example of that or simply the case of an owner like Richard Gere who has to sell, and sell soon.