A historic estate in Water Mill, NY that was built in 1890 and owned at one point by the Gimbel family of Gimbel Department Stores has sold for $5.4 million. The estate, which is located at 391 & 396 Cobb Road and was listed with Michaela Keszler of Douglas Elliman, is one of the family's 3 estate and was most recently owned by an Italian financier and fashion house owner.