Musician Billy Joel has sold his expansive Centre Island waterfront estate for $28.75 million, concluding a multi-year sales effort. The transaction sets a new record for the most expensive residential sale on Long Island outside of the Hamptons.
The sale of the main residence follows the previous sale of a gatehouse property for $7 million, bringing the total value of the transactions for the entire compound to $35.75 million. The identity of the new owner has not been disclosed.
Key Takeaways
- Billy Joel's Centre Island estate, known as 'MiddleSea', sold for $28.75 million.
- This is the highest price ever paid for a residential property on Long Island, excluding the Hamptons.
- The total sale value for the entire compound, including a previously sold gatehouse, reached $35.75 million.
- The property was initially listed in 2023 for nearly $50 million before a change in sales strategy led to the final deal.
A Landmark Real Estate Transaction
The sale of the iconic property, perched above Oyster Bay, marks a significant moment for the regional real estate market. For years, the home has been a well-known landmark for boaters, often referred to as “the house on the hill.”
Emmett Laffey, CEO of Berkshire Hathaway HomeServices Laffey International Realty, which handled the listing, described the sale as a pivotal event. "This transaction is more than a milestone, it’s a defining moment for Long Island real estate," Laffey stated. The final deal was the result of a bidding war that narrowed down to three potential buyers.
Historical Context
Billy Joel purchased the core 14-acre property in 2002 for $22.5 million. Over the next two decades, he expanded the estate by acquiring adjacent waterfront lots, ultimately creating a compound of approximately 21 acres.
The Strategy Behind the Sale
Selling the unique property proved to be a complex undertaking. The entire estate was first put on the market in 2023 with an asking price of $49.9 million. At the time, the main residence was in the final stages of a comprehensive five-year renovation.
The initial listing struggled to attract a buyer, prompting a change in approach. Last spring, the marketing strategy was adjusted to divide the property into separate parcels, mirroring how Joel had originally assembled it. The main residence was repriced at $29.9 million, with two other lots offered separately.
"The smartest way to sell this incredible land and property is the way he purchased it — in pieces," Laffey explained. This repositioning successfully generated global interest and led to the competitive bidding process that secured the final sale.
An Inside Look at the 'MiddleSea' Compound
The centerpiece of the estate is a 20,000-square-foot red-brick manor that was modernized from its foundation up. The home features six bedrooms and 11 bathrooms, with a grand 30-foot entry hall and sweeping views of the water from nearly every room.
Property Amenities
- A private two-lane bowling alley
- Temperature-controlled wine cellar
- Spa and fitness facilities
- Grand ballroom for entertaining
- A separate guest house and a beach house with its own dock
- An eight-car garage
The extensive grounds provide a resort-like atmosphere. The property includes over 1,500 feet of private sandy shoreline along Long Island Sound. Outdoor features include a tennis court, an in-ground pool, manicured gardens, and a private boat dock.
Co-listing agent Nancy Cuite highlighted the property's unique status. "There is no other home on Long Island like it. It’s that renowned," she said, emphasizing its landmark quality within the exclusive Centre Island enclave where large estates rarely change hands.
Joel's Future Plans
Despite selling his longtime home, the musician has indicated he will maintain his connection to the area. The sale coincides with the conclusion of his historic 10-year residency at Madison Square Garden.
"Just because I’m selling that house doesn’t mean I’m leaving Long Island," Joel previously remarked during a performance. "I’m just gonna spend a little more time in Florida like old Jewish guys from Long Island do."
The sale marks the end of an era for one of Long Island's most famous residents and his landmark property, but his ties to his home turf appear set to continue.
