The breathtaking waterfront property at 186 Crescent Avenue in Water Mill has just dropped its asking price 26% from the previous listing price. As written in the NY Post, the house hit the market in July 2010 when it was listed for $40 million. The listing price was reduced for the first time in October, down to $38 million, and reduced again 4 days ago to $28 million.

See the full property report for 186 Crescent Avenue and browse current Hamptons homes for sale.