A waterfront Victorian in the vacation town of Shelter Island, New York has been listed for $32 million, a record for the sleepy Long Island town.

The price, according to the listing agent in a Wall Street Journal interview, “is unheard of for Shelter Island, but we’re not worried about it, because it’s a world-class property.”

World-class indeed. The 7,000-square-foot home sits on 4.8 acres on the Peconic Bay and includes wraparound porches, an 80-foot wooden dock, a boat house, a tennis court, a basketball court and nine wood-burning fireplaces.

It was originally built around 1890 and includes seven bedrooms, six baths and a thoroughly nautical theme: many of the rooms are accented with a strikingly bright blue, and the stained wooden floors play richly against the white molding and woodwork in the ceilings.

The current owner, Dick Tarlow, is a retired advertising executive renowned for his work with marquee companies like Revlon and Ralph Lauren. He first purchased the home in 1983 for $640,000, which was the area’s record at the time. Currently, that record stands at $9.5 million, for the 2014 sale of a 5,100-square-foot home.

In 2007, Mr. Tarlow undertook a renovation to modernize the house and convert a windmill on the property into guest housing with a more antique take on the home’s nautical aura. He’s also replaced about 80 windows in the past year. He intends to move to a contemporary home he owns next door and will split the proceeds of the sale among his three children.

Photo credit: Jake Rajs