Beyoncé and Jay-Z are already setting up for next summer. The couple just spent $26 million on a 12,000-square-foot estate in East Hampton, Behind the Hedges first reported , and it's about as extravagant as you'd expect for two music moguls with a net worth of more than $1 billion . Scroll down to see inside.

The home has seven bedrooms and seven and a half bathrooms. Jeffrey Colle The Pond House, as it's known, was originally built by Stanford White of McKim, Mead & White, the firm responsible for Manhattan's original Pennsylvania Station and Columbia University's main campus.

It sits on two acres with 203 feet of frontage on Georgica Pond. Trulia It's also adjacent to a 17-acre nature preserve.

The previous owner rotated the house 90 degrees. Trulia Hamptons builder Jeffrey Colle, who is currently working on a home for Billy Joel in Sag Harbor, turned the house to optimize its waterfront location on Georgica Pond.

A triple-height studio became a 30-foot-tall living room facing the pond to the west. Trulia

Here's the entrance hall. Trulia

The bathrooms feature Italian marble carved from single blocks from Verona. Jeffrey Colle There's also an 18th-century carved stone fireplace in the kitchen.

A separate 1,800-square-foot guest cottage includes a living room, full kitchen, two bedrooms, and bathroom. Jeffrey Colle The property went on the market in 2009 with an asking price of $39.5 million. It was reduced to $28.95 million after subsequent price cuts and some time off the market. Compass's Lori Schiaffino was the listing broker.

In August, the couple spent $88 million on a compound in Los Angeles. Jeffrey Colle Now they're set up to live large on both coasts!

Sam Dangremond Contributing Digital Editor Sam Dangremond is a Contributing Digital Editor at Town & Country, where he covers men's style, cocktails, travel, and the social scene.

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