One of the largest properties in Water Mill has listed for the first time in 25 years.

Asking $18.5 million, the 7,500-square-foot home sits on 2.3 acres with dock access to Mecox Bay and comes with two separate building lots, both asking $10 million — for a total price of $38.5 million. However, should a deep-pocketed buyer want to buy just the home, it can be purchased separately.

Located south of the highway at 635 Flying Point Rd., the property was purchased by a Swiss-based financier back in 1998.

Pegged as a “rare opportunity,” the estate features views of the bay on one side and park-like views on the other.

The traditional, shingle-style residence sits on a 2.34-acre lot with with idyllic water views.

The home comes with an attached guesthouse, a pool and a pool house.

Made up of nine bedrooms and 8.5 bathrooms, the first floor features a light-filled living room with a woodburning fireplace overlooking the park-like grounds, the listing states.

It also holds an octagon-shape sun room with floor heating, a wood-paneled library and a formal dining room adjacent to the eat-in kitchen.

On the second floor are six bedrooms, which includes the master suite with a private balcony and a fireplace.

The guest house has a living room, a kitchen and two additional ensuite bedrooms with direct access to the second level of the main house.

Exterior features include an expansive backyard with terraces, mature landscaping, old trees and permits to build a tennis court.

The property is minutes away from Flying Point Beach and the ocean, according to marketing materials.

Michaela Keszler with Douglas Elliman reps the listing.