A sprawling estate, situated on prime waterfront property along the US East Coast, has sold for $120 million (R1.25bn), setting a new record in the country.

The sale of Copper Beech Farm, in the Connecticut town of Greenwich, was finalised on Friday, according to the Greenwich Time newspaper.

“This is the most expensive property sold in America,” said property agent David Ogilvy. The dream home had been listed for sale nearly a year earlier, in May 2013, for $190m.

The 1 250m2 main house, originally built in 1898 in French Renaissance style, has 12 bedrooms, nine bathrooms and 10 fireplaces, a library, a solarium, a wine cellar and a servant’s wing.

The property also includes two islands and 1.5km of beach. – Sapa-AFP