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Long Island estate owned by rocker Billy Joel has sold for $7 million, according to the real estate agent who brought the buyers to the deal. The gatehouse residence, where Joel had occasionally stayed while his main home underwent renovations, was listed for $8.5 million.

    The 5,565-square-foot home features a wide-open layout with massive exposures that let in plenty of natural light. It has five bedrooms and nearly 5 acres of beachfront property. The buyers purchased the estate through a corporate name, said their agent Paul Mateyunas from Douglas Elliman.

    Mateyunas, who is also a Centre Island homeowner, noted that the appeal of the property was its stunning location on eastern-facing waterfront land once owned by railroad magnate George Bullock. "It's a beautiful piece of property," he said.

    The gatehouse is actually a combination of two historic outbuildings - the original gatehouse and carriage house - which were joined to create a five-bedroom, four-bathroom setup with two kitchens and a heated pool. Yearly taxes are $90,000.

    Joel's main residence on the estate remains listed for sale, along with its helipad and dock. The property was recently renovated but has seen discounts since returning to the market last fall for $49.9 million.