Alec Baldwin's Hamptons Home Still Unsold After $10M Cut as Source Denies Financial Strain Due to Rust Trial

The actor first listed the 10,000-square-foot farmhouse for $29 million in November 2022. It's now asking $18.9 million after a series of cuts

Alec Baldwin’s Hamptons home is still up for sale despite a $10 million price cut as the actor’s involuntary manslaughter trial begins.

On Tuesday, July 9, the soon-to-be reality star, 66, arrived at the First Judicial District Court in Santa Fe, N.M. to begin his criminal trial following the fatal shooting of Halyna Hutchins. The cinematographer was shot on the set of the Western movie Rust in October 2021 after a prop gun discharged while the actor was holding it.

Baldwin has repeatedly insisted that he did not pull the gun’s trigger or know that it contained live ammunition. If convicted, he faces up to 18 months in prison.

He initially listed his East Hampton farmhouse for sale in November 2022 and has reduced the price several times since. A recent New York Times article alleged the cuts are due to uncertainty in his finances amid the legal action.

However, a source denied the actor is having money troubles to PEOPLE. “There is no financial strain. That house has been on the market for two years," the insider said on Wednesday, July 10.

Related: Alec Baldwin Stars in Real Estate Video for Hamptons Mansion as He Relists It with Major Price Cut: WATCH

The Times cited lost jobs, growing legal expenses and the cost of caring for his seven young children with his wife Hilaria Baldwin, 40, as causes of strain. The couple share Ilaria Catalina Irena, 19 months, María Lucía Victoria, 3, Eduardo "Edu" Pao Lucas, 3, Romeo Alejandro David, 5, Leonardo Ángel Charles, 7, Rafael Thomas, 8, and Carmen Gabriela, 10. Alec is also dad to Ireland, 28, from his previous marriage to ex Kim Basinger.

In addition to listing their Hamptons home, Alec also made several significant real estate moves in the last few years, per the outlet, including purchasing a $1.75 million farm in Vermont and selling a house in Upstate New York for $530,000. 

Since it was first listed in November 2022, the East Hampton property received a series of price cuts and has been taken on and off the market.

In January 2023, the price was first cut down to $24.9 million, followed by another reduction to $22.5 million in March that same year. The home was taken off the market altogether in September 2023 but it was later re-listed in January 2024 for $18.9.

Related: Hilaria Baldwin Excited About Reality Show with Husband Alec and Sharing ‘Chaotic’ and ‘Beautiful’ Family Life, Sources Say

As of July 10, the home is still available at the same price, according to the listing, which is held by Scott Bradley and Michael N. Cinque of Saunders & Associates.

Related: Hilaria Baldwin Supports Husband Alec Baldwin at Court as Jury Selection Begins in His Rust Trial

When the home was re-listed in January, Alec recorded a video with the real estate agency in which he gives a tour outside of the property and recalls his favorite things about the 10,000-square-foot home that he purchased in 1996.

“I fell in love with this place the moment I came here,” the 30 Rock alum says of the 8-acre plot, adding that “you just can’t get this out here anymore, you can't buy big pieces of land.”

He added that he and Hilaria have made changes to the house over the decades, including additions to both the eastern and western sides in 1996 and 2014.

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"I love it in the winter time because it's so peaceful and it's so beautiful,” he noted, adding that he is “always happiest when I come here, especially this time of year.”

The home was originally built in 1740 and features seven bedrooms and seven full bathrooms. It overlooks five acres of agricultural reserve and boasts a pool, spa, fenced vegetable garden and outdoor living area complete with a fieldstone fireplace.

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