The New York City real estate market might be as dead as a summer-in-the-city Friday, but for this week at least, there's some heat in the Hamptons.

Gym mogul Danny Errico, co-founder of Equinox, has sold his oceanfront Amagansett mansion for $11.895 million. That's far less than his $14.995 million asking price, but given the market and excess of inventory on the East End, the reduction isn't a surprise.

The house at 71 Shipwreck Drive is 7,000 square feet. It was built in 2002 with six bedrooms, 6½ bathrooms, seven fireplaces and a heated pool on 1½ oceanfront acres. Privacy is guaranteed with a beach house overlooking a 500-acre nature preserve.

The buyer is a financier from Richmond, Va. Broker Susan Breitenbach of the Corcoran Grouphad no comment on the deal.

Errico and his wife, Vera, now divide their time between New York and Los Angeles. When inManhattan, they live at the Millennium Tower, with neighbors like Regis Philbin and Howard Stern.