Less than a month ago, Peloton founder John Foley closed on this East Hampton property. Foley shelled out $55 million for the beachfront estate, which was about $2.5 million over ask for the house.

The 6,100 sq. ft. contemporary was designed by Francis Fleetwood, a prominent architect and devotee of the shingle-style house who left his mark on the area. A graceful structure with long, flowing lines, the five-bedroom’s exterior includes second-level outdoor living areas for both the shared living spaces and the master suite. The estate’s grounds span about four acres, and conclude on the Atlantic side with 400 feet of saltwater frontage.

Fair enough, but it turns out Foley owns another house in East Hampton — although that verb’s participle may now be past. The billionaire listed the property in early November, about the time that he was beginning the process of taking formal ownership of the four-acre estate. The house, which was listed at $4.45 million, moved into pending status less than two weeks after it appeared on the open market, and is currently under contract.

The six-bedroom, seven-bath modern farmhouse dates to 2014, and sits on a 2.17-acre lot. As an East Coast example of the style, it errs nearer to farmhouse than modern, and nearer to rural than industrial. Its interiors span 6,484 sq. ft. and include a library with custom-built bookshelves, a large formal dining room, and a gourmet kitchen with a butler’s pantry.

The little estate’s outdoor amenities include that most classical hardware accoutrement of Hamptons summer homes: a Gunite pool.

Foley’s net worth is around $1 billion.