Billy Joel Sells Long Island Mansion at a Loss After Tax Burden

Billy Joel has finally sold his longtime estate, MiddleSea, on Centre Island, Long Island, for over $35.7 million, but at a significant discount of $14 million from his initial asking price of $49.9 million. The sale comes after years of struggling to find a buyer willing to shoulder the substantial property taxes.

A Lifelong Connection to the Property

Joel first spotted the mansion as a teenager, dredging oysters on a barge in Long Island Sound. He reportedly cursed the owner at the time, a sentiment that shifted decades later after achieving success with hits like “Piano Man.” He purchased the property in stages, beginning with the main house.

The Burden of High Taxes

The primary obstacle to selling the estate was the staggering annual tax bill, which had climbed to over $567,000 as of 2024 – exceeding the median price of a single-family home in the United States. “Bottom line, yes, the tax was a big number, because the value was a big number,” explained Emmett Laffey, CEO of Berkshire Hathaway HomeServices Laffey International Realty, who represented Joel in the sale.

Breaking Up the Estate to Facilitate the Sale

To overcome this hurdle, Joel and his team decided to sell the estate in pieces, mirroring how he originally acquired it. The gatehouse, a seven-bedroom, nine-bathroom property, sold for $7 million in the previous year. The 20,000-square-foot main manor sold for more than $23.2 million, with two adjoining lots fetching $2.75 million each.

Record Sale Outside the Hamptons

The sale represents a record for the most expensive property sold on Long Island outside of the Hamptons. Joel, now 76, listed the property in 2023, took it off the market for renovations, and relisted it in 2024.

Health Concerns and a Return to Florida

The sale coincided with Joel’s diagnosis of normal pressure hydrocephalus, a condition that led him to cancel his tours in mid-2025. He has since moved to Florida. MiddleSea, named for its location between Oyster Bay and Cold Spring Harbor and a reference to the key of “Piano Man,” held a special significance for the singer-songwriter.

Through a spokesperson, Joel declined to comment on the sale. The boy who once gazed at the estate from the water had finally lived within its walls, but the cost of maintaining his kingdom proved too high.