This $52 million waterfront mansion comes with a huge catch

This luxury mansion looks like a dream home, but it’s illegal to live here. 

For the past year, New York property mogul Harry Macklowe has been trying – and failing – to sell a lavish poolside mansion in the Hamptons.

The property was listed for $US38 million ($AU61 million) in February last year. Macklowe recently shaved $US5.5 million ($AU9 million) off the price tag, but there still haven’t been any bites. 

The East Hampton mansion lacks a valid certificate of occupancy, meaning nobody is allowed to live in the property. 

The last certificate of occupancy dates back to 1987. 

“Harry went and renovated the house without permits. He needs a new C of O – and he can’t get it,” a broker told the New York Post. 

That means that anybody who bought the property would have to fork out $52 million for a house they cannot live in. 

And that isn’t the only problem with the East Hampton mansion. 

Local council officials allege Macklowe has damaged surrounding wetlands, cleared land without permission, and built extensions without a planning permit, the New York Post reports. 

Macklowe is a prominent real estate developer in New York City. 

His portfolio includes 432 Park Avenue on Billionaire’s Row, Manhattan – one of the world’s most expensive pieces of real estate. 

In 1985, Macklowe was fined $2 million for illegally demolishing four buildings in Times Square in the middle of the night without a permit. He was charged with reckless endangerment. 

The East Hampton mansion has four bedrooms, five bathrooms, and views over the Atlantic Ocean and Georgica Pond

Georgica Pond is a hotspot for celebrities, including Steven Spielberg, and Beyoncé and Jay-Z. Martha Stewart and Calvin Klein also used to own properties in the neighbourhood.