A Hamptons beach house designed by Philip Johnson three years before the architect built his famous Glass House in New Canann, Conn. has come on the market for $35 million. Built in 1946 and based on plans drawn up by Mies van der Rohe, the modernist Farney House (above) is nestled in the dunes of Sagaponack supported on raised log piers. The house, which was expanded and updated by local architect Mark Matthews in 1989 - perhaps spoiling the purity of Johnson's work in the eyes of some - features a stunning glass-enclosed living room with spectacular ocean views. The 5,000-sq-.ft., 8-bed, 7-bath wooden residence sits on 3.6 oceanfront acres with 363 ft. of pristine Hamptons shoreline, and is accessed by a private road situated a substantial distance from any public beach access. The property includes a free-form swimming pool, tennis court, play area, putting green and basketball court incorporated into a beautiful landscape design, as well as a long boardwalk running from the house to the beach.

[via JustLuxe]

Just how much is relatively undeveloped land in the Hamptons worth? We've seen the Tyndal Point property on the market for several years. The 55-acre property first hit the market in 2007 for an astounding $80 million. Ah those were heady days. Newsday's Real LI reports that the property, which was priced at $75 million last year, is now down to just $49.9 million. Real LI reports that Scott Strough of Strough Associates says that since the price reduction he's had major interest from a variety of sources.

The land, which has 3,000 square feet of beachfront, can be subdivided into three estate parcels of two lots each. Right now there is a main house and two additional residences on the property. There are also two deepwater docks. The owner of Tyndal Point is retired lawyer Robert Rust, who inherited the property from his aunt. She paid about $200,000 for the land more than 50 years ago.

I've never before seen a luxury timepiece made in honor of a road. Scratch that, there was a Route 66 edition Hamilton watch, but that pales in comparison to the luxury of Audemars Piguet. If there was a luxury-themed road to honor, it would be the Montauk Highway that runs from New York City to the Hamptons in New York. The 100 mile stretch of highway is the popular getaway path for people wanting to enter the decadent lifestyle of the Hamptons. In addition to parties and beachfront properties, the luxury lifestyle of the Hamptons makes it an ideal place for watch lovers. This limited edition of 300 pieces watch is the Audemars Piguet Royal Oak Offshore Montauk Highway watch.

The steel-cased watch has some unique colorings that include the off-white dial with lots of aquamarine trim against some chocolate brown. The avant garde colors look nice against the handsome classic watch. Inside is an in-house made Audemars Piguet automatic chronograph movement that is in most of the Royal Oak Offshore chronograph watches. The watch comes in a special box for the limited edition also meant to celebrate the famous highway. In opposition to the title of the article, no money (as far as I know) is going to the highway itself, but you get the symbolic connection. The Montauk Highway watch will be available in New York City, Long Island, and Bal Harbour Florida for $20,500.

Ariel Adams publishes the luxury watch review site aBlogtoRead.com.

As Newsday reports, Richard Gere already has a home in North Haven, New York and so he's a motivated seller when it comes to his Water Mill home. Richard Gere and wife Carey Lowell have lowered the asking price for the seven-bedroom farmhouse from $8.8 million to $7.2 million,

Gere had his New York apartment in Julian Schnabel's Palazzo Chupi on the market for almost a year (it was last listed at $15 million but the listing has now disappeared). The charming Too Many Maples in Water Mill was bought by Gere and Lowell for $2.75 million back in 2001. The home is on a 1.2 acre lot that includes a swimming pool, guest house and artist's studio. The gracious country residence has been given a comfortable renovation that has the offhand casual appeal that it often takes quite a bit of money to attain. Antique wood floors and vintage light fixtures add to the classic style. Details like a farmhouse style table in the dining room and white marble counter tops set the stage for lazy food-filled weekends while the wide porch offers the perfect place to wile away the afternoon. What say you, is this photogenic home owned by a photogenic couple right priced now or will they have to dip closer to the $5 million mark in order to get it to contract?

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.

Luxury Living: New York, the latest volume in teNeues' luxury series, affords a rare inside peek at a truly privileged world. The book features some of the Big Apple and environs' finest architecture interior design, from a glinting modern masterpiece in Manhattan to a solidly traditional structure set in the Hamptons. More than just the most expensive living spaces, however, the featured abodes all express opulence married to great taste, even on a small scale; one of the apartments included in the volume measures a mere 300-sq.-ft., while others are multimillion-dollar palaces. Dazzling photographs by Reto Guntli adorn every page.

The most expensive real estate in the country has taken some pretty major price cuts over the past year or two. In the past, mega-mansions with huge pricetags would often sit on the market a year or two without a price cut with owners secure in the knowledge that the right buyers would eventually come along. These are uncertain times and there are some very motivated sellers testing their luck in the real estate waters. Our list of top ten reductions of U.S. properties we've covered in the past starts at a $10 million cut and it only gets higher from there.

10)The Sloane Mansion, was $64 million, now $54 million
Price Cut=$10 million
The Henry T. Sloane mansion on East 68th Street in New York City is located just steps away from Fifth Avenue on the East Side. The building has 18,500 square feet total spread out over five stories and there are 15 bedrooms and 17 bathrooms, seven fireplaces, a ballroom and a rooftop garden. The mansion was designed by architect Charles Pierrepont H. Gilbert for Sloane, the heir to a furniture empire, in 1905. The home is classic Beaux-Arts style and five of the rooms have all their original details intact including wood-paneled ballroom with original oil-painted murals. It has been on the market for over a year but may need to go lower than $54 million in this economy.

The weather's heating up and we need ways to cool down. Why not make an extra special cocktail concoction for your front porch? We got these herbal and floral recipes from three of NYC's hottest restaurants -- Counter, Harbour, and Yerba Buena (above).

We'll provide the list of ingredients, and you can be creative with your pours!

Some of these recipes call for creative (and totally brilliant) infusions of various alcohols. Not sure how to infuse? Check out this guide -- but be sure to plan ahead; while they are definitely easy, infusions can take up to two weeks.

Ready to start mixing? Recipes for cool summer cocktails are in the gallery below!

In celebration of Ralph Lauren's relationship with the East Hampton Historical Society, the company is introducing a new collection of EHHS-branded apparel and accessories under the Polo label for Summer 2009, with 100 percent of the proceeds going to the Society. The new collection includes men's waffle t-shirts; hooded sweatshirts and t-shirts adorned with archival imagery from the EHHS; baseball caps; and canvas beach totes (above). The trademark whale logo is a nod to the whaling industry that was an important component to the Hamptons' economy during Colonial times.

Beginning in June 2008, Polo Ralph Lauren announced that it would underwrite the ongoing restoration of the barns and landscape of the East Hampton Historical Society's renowned Mulford Farm, which is listed on the National Register of Historic Places and is considered one of America's most significant, intact English Colonial farmsteads. Lauren's support will allow the Society to complete its goal of restoring the estate to its former glory. The EHHS collection will be available online and at select Ralph Lauren stores.

These days a $5 million dollar price cut in the Hamptons barely causes a world-weary eyebrow to life, but how about a $14 million price chop? Newsday's Real LI delivers the news that the Westerly estate in Southampton is now with a new agent and a new low price. It was listed at $59 million with Prudential Douglas Elliman Real Estate who created a snazzy website for the home but it can now be yours for $45 million. What do you get for your money? The 14.5-acre estate is graced with a brick Georgian country house which was built in 1929. The 25 room mansion is surrounded by brick terraces and has a separate carriage house, large swimming pool, tennis court and formal gardens.

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

Despite the burgeoning recession Hermès is opening a new store in East Hampton this summer, but the French luxury goods firm is hedging its bets and the shop will shut its doors come September 20. "We have 22 of our own boutiques in the U.S. - East Hampton will be 22 and a half," Hermès President and CEO Robert Chavez tells the East Hampton Star. He said the company had been eyeing a Hamptons location for a while but that a permanent location just doesn't make sense these days.

"We just weren't ready to commit to a long-term lease," he notes, "knowing that obviously the key selling period is in the summer months when most people are there." Most Hamptons retailers are doing the same this season. The Hermès pop up boutique has a more casual feel, is painted a crisp white and features displays of scarves, handbags, neckties, housewares, bathing suits and beach towels. There's also an equestrian section featuring a one-of-a-kind white leather saddle, "price available upon request."

How bad is it out there for yachts? Even federal authorities can't sell yachts it obtains from fraudsters. Malcolm MacLean at Boat International has learned that Camper & Nicholsons has dropped the price on Seascape, the 123-foot Heesen yacht once owned by lawyer Marc Dreier. Earlier this month Dreier pleaded guilty to eight charges related to a scheme to sell $700 million in fictitious promissory notes. His yacht Seascape was listed at $13.5 million but now the yacht, which has five cabins and cruises at 26 knots, can be yours for $12.5 million. The listing is here.

The NY Times also reports that two luxury Hamptons properties with ocean views belonging to Dreier will go up for auction next month. The homes in East Quogue, New York will be auctioned off on June 17 through Maltz Auctions and could bring in over $12.5 million. The larger home is an eight-bedroom oceanfront retreat and requires a $400,000 deposit. The smaller home is a four-bedroom vacation getaway with a $100,000 deposit. In better times both the yacht and the beach homes would have brought in more money. The yacht has been described as being worth at least $18 million and Hamptons real estate has cooled over the past year.

Today's home in Sagaponack, New York is interesting for a couple of reasons. It was once the home of James Jones, author of "From Here to Eternity" and other novels. But this 1860s, the shingled Sagaponack farmhouse is no longer the way Jones would remember it. The classic shingled home has been renovated and expanded by Modern Green Home. It is now a five-bedroom home with three levels and includes smart technology, active and passive solar and a geothermal system that provides radiant heat. The property includes a pool, pool house and yoga studio. This home was the Idea House for summer of 2008. It is listed at $8.95 million but the Modern Green Home website shows it with a "guide price" of $14 million. Last summer's optimistic price perhaps?
Experience more lush living in luxury homes and mansions or see the stars living large with celebrity homes galleries at AOL Real Estate.

If the Hilton summer home was a bit pricey for your Hamptons summer you can pick up another spot with a bit of celebrity provenance. Cityfile dishes that Ramona Singer who is part of the cast of "The Real Housewives of New York," and her husband Mario are putting their Southampton home up for rent this summer. The six-bedroom home includes a master suite with its own separate wing and private balcony. A formal dining room seats 12 and there is a large open family kitchen. The lower level includes a pool table and a 70-inch television. The property includes a bocce court, heated pool and a sunken tennis court. The full span from Memorial Day to Labor Day will cost you $295,000.

Today's estate floors me, mainly because of the price. It is listed at $40 million, which is not such a surprise in East Hampton, New York but for your money you don't even get an ocean view, just frontage on Georgica Pond. The home is a huge new 12,000 square foot mansion next to a 16 acre meadow reserve. The scale inside is grand with a 30-foot high living room with a dramatic wall of paned glass, French chalked paneling and hand-pegged parquet de Versailles floors. A whole chateau's worth of 18th century stone fireplaces seem to have been ripped from their homes and set into this new home, some at what seem to be odd proportions. The home also has a walnut paneled library, media room and the de rigueur massive family room/kitchen which opens to a Turkish limestone terrace with an infinity-edge pool and hot tub. There is also a separate two-bedroom guest cottage.

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