$88 million for a fixer-upper? Only in the Hamptons, New York

How much would you pay for a fixer-upper by the beach?

One beach house in New York’s famous holiday spot, the Hamptons, has hit the market with a price guide of $US64 million ($88.2 million).

The owners tried for years to get permission to knock it down and rebuild a larger home on the site, according to Dirt.com, but lost the battle due to its location in a coastal erosion zone and the accompanying architectural rules.

With that in mind, an ambitious new owner would still have plenty of scope to put their own stamp on the property.

Set on a large block of more than 7000 square metres, the home comes with six bedrooms, eight bathrooms, a chef’s kitchen, a pool and spa and a lit tennis court. There’s a pool house with an entertaining area that features a games room and sauna.

Some of the window coverings or wood-panelled walls cry out for a contemporary eye, and a cashed-up buyer may have ideas for a more glamorous kitchen.

But in terms of location, it’s near high-profile neighbours such as Jon Bon Jovi and businessman David Geffen, and it’s set on the absolute beachfront with sweeping views – although Dirt warns the local beach gets busy in summer.

Sellers Norman and Helene Stark previously listed the home for $US75 million in 2014 and again in 2016, but their discount seems minor – they bought the house for $US1.34 million in 1994, Dirt reports.