Nicknamed "Morning Glory," Frankel purchased the house last year for $2.5 million. The transaction marked her second purchase in the posh Hamptons, and she reportedly planned to use the home as an "investment property."
The recently-renovated, 4,239-square-foot estate boasts seven bedrooms, five baths, a heated pool and a wrap-around porch. It sits on more than a half-acre and was built in 1910, and is listed as having a "historic" style. The estate also features a eat-in kitchen, a large family room with a wet bar, a formal dining room and comes furnished.
"Embracing an old world glamour rich with original period detailing and expert craftsmanship, this recently renovated and thoroughly modernized Victorian offers grand scale living in a surprisingly intimate home," says the Compass listing.
According to a listing for the property on Corcoran, the digs were available for rent recently, priced at rates including $150,000 for the summer, or $35,000 for June, $65,000 for July, or $85,000 for both months. It was also listed as renting for $140,000 for July to Labor Day (Sept. 3), $75,000 for August to Labor Day or $325,000 annually.
Frankel is well-known for her penchant for real estate. Although she might have expensive taste when it comes to properties (past purchases include a reported $4.995 million for a Tribeca penthouse in 2011 and a Soho space for $4.2 million in 2014), she can be frugal when it comes to interior design.
In the past, she's revealed that she likes to mix highs and lows when decorating, and has used items from affordable retailers such as Ikea and CB2 for her Tribeca house, as well as T.J. Maxx and West Elm for her first home in the Hamptons.
"I think renovating is a little bit like fashion or getting dressed and wanting to look good, but not break the bank. It's about highs and lows," Frankel told CNBC Make It. "So when you get dressed, you might want to have expensive shoes, but then buy an inexpensive top from H&M."
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