You have to admire a man who has the real estate cojones to put two $32 million homes up for sale in this crazy market. Talent manager Sandy Gallin, who has represented Michael Jackson and Barbra Streisand, is also a real estate madman. Earlier this year he put a flawless home in Bel Air, California on the market for $32 million. He must like that number, that's how much he has listed his 14-acre estate in Bridgehampton for as the Wall Street Journal's Private Proeprties reveals.

If the California home is a mogul-ready manor then the Bridgehampton home is for the New York City financial tycoon looking for a bit of peace of mind on the weekends. The quiet and tasteful shingled home has seven bedrooms and a calm interior design that shows off modern country taste taken to its apotheosis. The property includes a 1.5 acre pond and a pool.

Here's an update on a home we've been watching since 2006. The Hamptons 2006 Designer Showhouse in Bridgehampton, New York was listed at $27 million when it first hit the market. The house sits on a nearly four-acre parcel with deeded Sagg Pond access and ocean views. The custom home was built by Burns Development and designed by architect Peter Cook (Christie Brinkley's ex-husband). The home was outfitted by a variety of high-end designers including Barclay Butera,Ernest de la Torre and Eric Cohler.

The home has spent the last three years on and off the market. It started at $27 million, was reduced to $24.5 million and then went off the market. The 14,000-square-foot home showed up again in June of this year at a new low price of $16.9 million. Now just a couple of months later Newsday reports that it sits at $15.4 million. Corcoran has the listing.

Paul McCartney's headline-grabbing ex Heather Mills made the scene at week four of the Mercedes-Benz Polo Challenge at Blue Star Jets Field in Bridgehampton the other day, sporting a new, shorter hairstyle. At the polo match, which was sponsored by Diamond Teak, the former model was seen chatting with hot young racecar driver Tim George Jr. (above), who appears on the cover of the new issue of Social Life magazine. The match ended with team Great Oaks defeating Heathcote in a decisive 16 to 5 victory. Other onlookers at the match included socialite Denise Rich and the Real Housewives of New York City's Alex McCord with husband Simon Van Kempen and Ramona Singer with her husband Mario. Diamond Teak is the leading teak furniture design and manufacturing company recognized for creativity, originality and function. Guests at The Blue Star Jets Field were able to relax on Diamond Teak's comfortable and stylishly functional pieces, made with wood grown from Forest Stewardship Council (FSC)/Smartwood certified plantations in democratic Costa Rica.

You have 320 choices if you're looking for a home that costs more than $20 million – though if you're smart, you shouldn't have to pay nearly that much. Why? As you'd expect, real estate agents are having trouble moving these houses, so they are staying on the market for a while, and age doesn't do much for a property's value.

The top listing right now belongs to Aaron Spelling's widow – at least until she can sell it. This is a difficult proposition, however, with a price tag of $150 million. Four years ago, the highest price on the market was half what Spelling is asking. This year, $75 million isn't good enough to make the top 10.

Since the number of listings is up, you'd expect sales to be down ... and that's how it's working out. In the Hamptons, year-over-year sales were off 43 percent in the second quarter, with the median price down 17 percent. Homeowners who can't sell are trying to rent instead, with mixed results. Joseph Farrell, who has a home in Bridgehampton, would like to sell it for $59.5 million. Until that happens, he has to be content to rent it, which he's doing now at $425,000 for two weeks.

So, if homes aren't moving, why continue to price them above $20 million? The answer is as old as consciousness: vanity. An absurd price is guaranteed to get some attention (as I've just demonstrated).

On July 26 Mercedes-Benz hosted the 2nd Annual Hamptons Pursuit "Road Rallye", a 60-mile scavenger hunt from Bridgehampton to Montauk. Car enthusiasts including local East End VIPs drove vintage, classic, or just plain cool cool cars including several amazing Mercedes looking for clues and answering trivia questions at checkpoints, all while raising money for The Retreat, a non-profit program that supports victims of domestic violence throughout Long Island. Stunning Sports Illustrated Swimsuit Issue model Julie Henderson (above) and Top Chef's Sam Talbot attended a barbecue following the auto-scavenger hunt at Kalbacher's Auto in East Hampton where road stories were shared with good food and drink during an auction of classic cars.

Several celebrities did attend the art fair, but they brought little excitement, it seems, beyond their appearances. Jon Bon Jovi, personalities from The Real Housewives of New York City, Kelsey Grammer and Russell Simmons were all spotted, but Bloomberg didn't report any purchases.

The biggest name at the ArtHamptons fair, of course, was Michael Jackson – a creation by Andy Warhol. Originally, Vered Gallery had hoped to sell it via silent auction, but the gallery yanked the portrait late last week ... claiming that collectors were looking at the piece but "needed more time to assess the value."

Or, maybe they were just at the beach, like everyone else, apparently.

As we reported last month, a rare 1957 Ferrari recently sold for $12 million, setting a new world record. That doesn't mean that all classic Ferraris are outrageously expensive, though it is a good indication that the cars are bound to significantly increase in value once the recession is in remission. At the Hamptons Auto Classic on June 13 in Bridgehampton, NY, some of the fat cats who've had to sell their fancy mansions there are apparently unloading their classic car collections as well. The star lot is this 1962 Ferrari 250 GT Pininfarina Cabriolet Series II, estimated at only $525,000 - $575,000; 250 GT spyders regularly fetch seven figures. One of only 200 built, the car has had a full restoration to a very high show standard including paint, leather and engine.

Sales and rentals in the Hamptons this year have been more than a bit sluggish but that's not stopping builder Joe Farrell of Farrell Building Company from seeking a big Hamptons payday. We first heard about Sandcastle, a luxury 11.5-acre estate in Bridgehampton went it went on the market for $50 million. At the time Farrell was quoted as saying he built the home for his family but was then encouraged by brokers to try and sell it. Later the NY Post reported that the Jonas Brothers were checking it out as a summer rental (it's listed for $500,000 for any two-week period in July or August). But perhaps believing that he should strike while the iron is hot, Farrell has raised the price to $59.5 million, which is of course what you do when your house has been on the market less than a month. Is it just crazy enough to work, has Farrell stepped into a 2005-6 time machine or is he actually hoping the home doesn't sell? It's a mystery.

The 14-bedroom home is built for play with a two-lane bowling alley, a heated gunite pool with an underwater stereo, a sunken tennis court, a disco and bar, virtual golf, a movie theater with a planetarium on the ceiling, a squash and racquetball court, a half-pipe for skateboarding, a rock-climbing wall, a DJ booth and recording studio and a Jacuzzi. The home has over 31,000 square feet of space and has an elevator, walnut library, 10-seat theater and a 2800 sq. ft. master suite. As a rental, the property will come with a luxury car, a Ferrari or a Bentley, depending on what the client wants, and chef, butler, full staff and maid service.

[via Newsday's Real LI]

Supermodel Christie Brinkely has had this home, Tower Hill in the Hamptons on the market off and on since 2002 (although I first became aware of it in 2005). Now with a messy divorce behind her, she's trying her hand at selling it again. The impressive property in Bridgehampton was originally built in 1898 by Dr. John Gardiner and named Dulce Domum. The home is on a 20-acre parcel 200 ft. above sea level. The key piece of the estate is the 50 ft. observation tower which offers sweeping views of the ocean. The 12-bedroom compound includes a main house with multi-level stone terraces, a guest house with a greenhouse conservatory overlooking a botanical nursery, a gunite pool, a barn artist studio with gym and living quarters with a 4-car heated garage. The property includes lawns, walking paths, gardens, tennis courts, basketball court and playground. This estate is now listed at $30 million. It's lovely but perhaps a bit pricey for a home that isn't closer to the beach.

Experience more lush living in luxury homes and mansions or see the stars living large with celebrity homes galleries at AOL Real Estate.

The annual Mercedes-Benz Polo Challenge will kick off at the JetOne Jets Field at the Bridgehampton Polo Club on Saturday, July 19 this year. This season's partners include Coca-Cola, Fiji Water, T-Mobile, Pernod Ricard, Ralph Lauren, Hpnotiq and Zino Platinum Cigars, and the MVP Player Award will be presented by Westin Rinehart. The matches, which will run for six consecutive Saturdays through August 23 this year, are the social mainstay of the Hamptons season and feature some of the world's best polo players competing for one of the sport's most treasured prizes. Anyone can watch from the stands, but the invitation-only V.I.P. tent is the real scene. Celebs in attendance in years previous have included Anne Hathaway, Elizabeth Hurley, Heather Graham, Howard Stern, Jared Leto, Jay Z, Jessica Alba, Mischa Barton, Natalie Portman and Prince Albert of Monaco, to name a few. All proceeds will go to a good cause, the South Fork Breast Health Coalition.

Three Ponds in Bridgehampton, New York has crossed my radar before (it's hard to miss a home with a price tag like this) but I've never featured it as an estate of the day. The estate offers 60 acres of farmland in this prime part of New York. The grounds includes a golf course, English cottage garden, a crabapple allee, a lily walk, vegetable gardens as well as hydrangea, butterfly and rose gardens, swimming pool with a pavillion, grass tennis court and of course, three ponds. Other features include two three-car garages, a two-story pro shop, 2nd flor glof club with a bar, separate staff quarters, a three-bedroom guest house, an orangeries, barn and other outbuildings. The 20,000 square-foot main house has seven bedrooms and 12 baths.

This home has been on the market since 2003 when it was listed at $75 million. It's been on the market for $68 million for a while. Why no sale? In 2006 Steven Gaines writing for NY Magazine speculated that the homes distance from the ocean and location near a busy area count against it. At the time the article said that "whoever does write the check will probably pay half the asking price." It's been two years since then and while the price has come down it's nowhere near half. I have to wonder if this property's massive amount of land works against it. A full 18 hole golf course and all those gardens require a huge amount of maintenance especially for a home that may not be a full-time residence.

I love a good idea house where a bunch of high end designers work on one upscale home, now you can get one in the Hamptons at a discount .Braden Keil at the New York Post broke the story that the 2005 Hamptons Cottages & Gardens Idea House is on the market and was just reduced by $3 million. Hamptons C&G publisher Richard Ekstract and his wife, Eileen are selling the eight-bedroom, 7,500-square-foot Bridgehampton mansion which is on 3.7 acres. The home includes a master suite with a private media room, a sitting room and a dressing room. The lower level includes staff quarters. The ground are also home to a 40-foot-by-40-foot pool. There's a little bit of design house schizophrenia going on here where the rooms don't really share an overarching theme but it's contemporary and impressive in the way that a Hamptons house should be. It reminds me of a bit of the house that Gordon Gekko had in Wall Street. In the Post, Ekstract is quoted as joking that now, at $15 million instead of the original $18 million, the price is too cheap. It is listed by both Corcoran and Prudential Douglas Elliman.

UPDATE: This home is now listed at $8.45 million.

Actor Kelsey Grammer is a serial real estate buyer. He often buys and sells quickly and has homes across the U.S. in California, New York, Colorado and Hawaii (for a comprehensive round-up of many of his transactions check out the fine work done by Mr. Big Time Listings). Braden Keil of the New York Post reports that Grammer has put his Bridgehampton, New York mansion on the market for $16.1 million. Grammer and his wife Camille, bought the home in January 2006 for $8.517 million. The home has seven bedrooms, a home theater, gym, wine cellar, gourmet kitchen and staff quarters. The 1.7 acre lot includes a heated gunite pool and spa and a pool cottage as well as a sunken tennis court. It is beautifully and elegantly decorated, a nice mix of the cozy and elegant although a bit too much white and beige for those without a fleet of dedicated housekeepers. Bigger pictures are below in the gallery.

Fabulous or not so much, I never know quite what to make of Ulrich Franzen homes but they definitely are not your classic shingled summer home. This yacht-inspired number is located in Bridgehampton, New York. It floats nine feet above the ground for a sailing effect. The estate has 2.15 acres with water frontage and a private dock. The three-bedroom home has water views with glass walls facing Mecox Bay. There is also a large gunite pool with a waterfall. You don't get a lot of square feet for your cash here (the listing says 2,400 and that might just include the two studio suites with the garage). And although the view is lovely the pool with its large cement wall does not appeal to me. And judging by the in-progress construction shown in the picture above it might not be so quiet either. This home is listed at $9.5 million. After the jump, yacht-hot or not?

I chose this home for the estate of the day as much for the interior as the exterior. When the listing says traditional they aren't kidding. This shingled home in Bridgehampton, New York is an absolutely seamless monument to classic style from the gardens which feature elegantly clipped shrubbery to every detail of the interior including tufted floral ottomans, oil paintings of hunting dogs and stuffed owls mounted with wings open. The home includes a formal dining room, library, expansive gourmet kitchen with a large island and six bedrooms including a master suite with his and hers baths. There is also a three-car garage, pool, pool house and tennis court. The estate is listed at $12 million.