Real LI

The 20-acre Old Westbury estate of Cynthia Phipps has just gone on the market for $13 million. Locust Valley-based Piping Rock Associates, the exclusive Nassau County representative of Christie's Great Estates, has the listing.

Phipps died last year from injuries she sustained in a fire inside her Manhattan apartment. She was 62.

The house served as the main residence of the once-sprawling Phipps estate. Some 158 acres of that estate were sold in 2004 to the Kean Development Co. in Cold Spring Harbor. The asking price was $35 million, which at the time was the most expensive residential real estate listing outside the Hamptons.

The 12,000-square-foot house was designed by the Manhattan architectural firm of Delano and Aldrich and built around 1930. In addition to a master bedroom, there are five bedrooms and an another five servants' rooms. There is also a caretaker's cottages and a garage apartment on the property, as well as a pool and a tennis court.

"It's a trophy property," says Patrick Mackay, president of Piping Rock. "The house has magnificent paneling, parquet floors and 16-foot ceilings." And the "grounds are very attractive," he says, pointing out that there are mature trees, antique box bushes and a fish pond.

Phipps moved to the property, using it as a weekend home, after her father, Ogden, died in 2002. He was the owner and breeder of champion horses and had an investment banking business. His grandfather, Henry Phipps, was the partner of steel magnate Andrew Carnegie. Cynthia Phipps also bred racehorses. She was chairwoman of the Animal Medical Center in Manhattan.

Nassau County photo