Real LI

Media mogul Rupert Murdoch has chopped $2 million off the asking the price on Rosehearty, his 5-acre waterfront estate on Centre Island.

The 10,000-square-foot Colonial home went on the market last June for $14.8 million. The new asking price is $12.8 million. Despite the price drop, Murdoch and wife, Wendi, still stand to make a $5 million profit on the home; they purchased Rosehearty in 2003 for $7.8 million.

The home has 11 bedrooms, 7 ½ baths, and seven fireplaces. There’s also a pool, tennis courts and 260 feet of beach frontage. Listing agent Barbara Candee of Daniel Gale Sotheby’s International Realty says that the price reduction, "has been made to prepare for the spring market which is now upon us."