A historic estate in Water Mill, NY that was built in 1890 and owned at one point by the Gimbel family of Gimbel Department Stores has sold for $5.4 million. The estate, which is located at 391 & 396 Cobb Road and was listed with Michaela Keszler of Douglas Elliman, is one of the family's 3 estate and was most recently owned by an Italian financier and fashion house owner. The main house features 5 bedrooms and 5.5 bathrooms spread over 5,000 SF. The home features a wraparound porch, formal living room with fireplace, library with fireplace, formal dining room, playroom and a vintage kitchen with wet bar, pantry and breakfast nook. The master-suite also features a fireplace and sitting area. The beautifully landscaped 1.48 acre outdoors feature gardens, patios, a pool and an artists studio that comes complete with a fireplace and bathroom.