On a premier South of the Highway residential lane in tony Water Mill, this timely offering of a 5.3+/- acre bayfront estate provides multiple options both for astute end users and for developers, all seeking the ultimate Hamptons waterfront experience. Featuring 330 ft. of water frontage on Mecox Bay with an existing dock, this rare oversized property can be subdivided and developed as two separate waterfront properties or either renovated/expanded or completely reconceived as an expansive waterfront estate for today's discerning buyers. The existing stately Georgian-style 7,900+/- sf residence enjoys an architectural provenance and authentic period details including rich wood paneling and finely carved accents. Eight bedrooms, 6-1/2 bathrooms, 3 fireplaces, spacious formal living and dining rooms, a library, a large eat-in professional kitchen with butler's pantry, staff quarters, patios and screened porches, and plenty of room for entertaining with open water views from all principal rooms. The meticulous grounds feature a private 30' by 50' waterside heated Gunite pool, grand old trees, and vast sweeping lawns to the water. Priced to reflect current market conditions; motivated owners.