An Ad Man's $35 Million Pitch

Jerry Della Femina has spent his life selling everything from Pan Am to Meow Mix. But the advertising executive hasn't yet succeeded with his latest pitch: his sprawling East Hampton estate, which officially hit the market for $40 million last spring.

Last month, Mr. Della Femina dropped the asking price to $35 million. He said he isn't all that surprised the house hasn't yet sold. Perched on a dune on a mansion-lined stretch between East Hampton's Main Beach and Georgica Beach, the 8,500-square-foot European villa-style house on 1.7 acres overlooks the ocean. Neighbors include Martha Stewart, who on a recent Friday was walking three dogs nearby alongside a row of neatly trimmed hedges.

Known for his ad copy, Mr. Della Femina said pitching high-end real estate is not what he does. "I don't even really talk to the real estate people, it's their job," he said.

"In this price range, you don't exactly have open houses," added his wife, Judy Licht.

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