Tim Armstrong, the former chief executive of AOL, is listing his waterfront home in the Riverside area of Greenwich, Connecticut, for $26.75 million.

Mr. Armstrong and his wife bought the waterfront parcel for $10.4 million around 2008, and spent millions building a shingle-and-stone home of roughly 11,400 sq. ft. with six bedrooms.

On over 2 acres, the home overlooks a lake that opens up to the Long Island Sound with water views from almost every room.

The home has neutral white interiors designed by New York decorator Victoria Hagan. There is a large open-plan kitchen and family room with a dining island, a formal dining room with a fireplace and a sweeping staircase.

In the basement, there is a lounge with a bar and wine wall and a game room. The home also has an outdoor infinity pool overlooking the water.

The Greenwich market has been struggling, as wealthy New Yorkers choose to live in the city rather than commute to the suburbs. Others have decamped to Florida in search of more favorable tax rates.

Roughly 90% of Greenwich deals closed in the fourth quarter were for less than the asking price, with the average discount coming in at 9.6%. Sales also fell 12% year-over-year.

Doron Sabag of Houlihan Lawrence, the listing agent and the home’s builder, said he believes the market is strong for unique homes. He is listing the property with colleague Jim Hoffman.

BY KATHERINE CLARKE - VIA WSJ