After being on the market for six years with three price reductions, Tavern Island off the Norwalk coast finally sold for $7.85 million. Although the final transaction was under its $8.7 million listing, the sales price set a new record for the Norwalk market.

The island was originally listed in September 2012 for $12.9 million, in the month prior to Hurricane Sandy. Although the property was not damaged by the storm, it failed to attract buyers. The price was cut to $11 million in 2014, again failing to attract a buyer. Halsted Real Estate took over as listing agent for the property last November, and the price was slashed again to $8.7 million.

The 6,116-square-foot private island was first settled by European explorers in 1651. In 1900, the island’s five-bedroom mansion was constructed, and its owners over the years included playwright Lillian Hellman and Broadway producer Billy Rose, who hosted lavish parties that attracted iconic celebrities including Marilyn Monroe and Barbra Streisand.

Other structures on the island include a two-bedroom caretaker’s house, a one-bedroom boathouse, a teahouse and a maintenance shed. The island was bought in 1981 for less than $1 million by Al Zesiger, managing director at Zesiger Capital Group LLC, and his wife, Barrie. The new owner of the property was not publicly identified.