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A pretty penny! Richard Gere knocks $11 million off the asking price for his sprawling 'Strongheart Manor' Hamptons estate - but you'll still need $36 million to buy it

Actor Richard Gere has re-listed his Hamptons estate for the fourth time in three years
The 19,000-square-foot compound named 'Strongheart Manor' is currently listed for $36.5 million with Corcoran
Actor snapped the property in three separate transactions between 2005 and 2008 for a total of $11.3 million
The home features a tea house, 60-foot swimming pool, basketball court and two guest houses

Published: 16:49 GMT, 19 May 2016 | Updated: 20:23 GMT, 19 May 2016

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Richard Gere is putting his Hamptons mansion back on the market for the fourth time in three years.

The actor initially tried to sell 'Strongheart Manor' in 2013 with an asking price of $65 million. When he found no takers, he reduced the price twice in 2014, going from $56 million to $47.5 million.

Gere is now listing the seaside escape with Corcoran, knocking the asking price down a further $11 million to $36.5 million.

While the three price drops may seem extreme, the current asking price is still about three times what Gere paid for the property.

Richard Gere has put his vacation mansion in the Hamptons for sale again, this time knocking $11 million off the asking price

Strongheart Manor is located on 300-feet of bay-front property in North Haven, Long Island. The actor purchased the property in three separate transactions between 2005 and 2008, for a total of $11.3 million

Gere first tried to sell the property in 2013 for $65 million. He then reduced it to $56 million in spring 2014 and then $47 million in summer 2014

Listing agent Susan Breitenbach is confident that she can sell the property this time around. 'It will sell soon. It’s got a lot of charm,' Breitenbach told Realtor.com

The home is located just a few minutes drive from the historic town of Sag Harbor, Long Island. Above, a sun room in the main house, which was built in 1902

He snapped the home up in three different land deals between 2005 and 2008 for a total of $11.3 million.

Listing agent Susan Breitenbach is confident that she can sell the property this time around.

'It will sell soon. It’s got a lot of charm,' Breitenbach told Realtor.com.

The home in North Haven, just minutes from the quaint town of Sag Harbor, is right on the Peconic Bay, with 300 feet of bay frontage, a 240-foot-long private deep water dock and sandy beach.

The 19,000-square-foot main house was built in 1902, and includes 12 bedrooms and 12 bathrooms.

Outside, there's a 60-foot waterfront swimming pool, basketball court, mature gardens, fireplace pavilion and a tea house - reflecting Gere's Buddhist practice.

There's also two guest houses for visitors.

Gere pictured on the right in March 2014. On the left, a aged-wood dining table in the blue-painted room of the home

The 19,000-square-foot main house was built in 1902, and includes 12 bedrooms and 12 bathrooms. Above, a living room in the home

Outside, there's a 60-foot waterfront swimming pool, basketball court, mature gardens, fireplace pavilion and a tea house - reflecting Gere's Buddhist practice. Above, an open-plan kitchen opens into a living room