A 12-bedroom waterfront estate on 50 acres in wealthy Greenwich has been sold for $120 million.

Even though that's $70 million under Copper Beech Farm's initial listing price, real estate agent David Ogilvy tells the Greenwich Time he believes the sum is the most ever paid for a residential property in the United States. The paperwork finalizing the sale to a limited liability company was filed Friday.

The 13,000-square-foot French Renaissance-style home has a 75-foot pool, grass tennis court, a stone carriage house and two islands in Long Island Sound.

Ogilvy says Copper Beech Farm edged out a Silicon Valley property sold last year for $117.5 million.

Built in 1896, Copper Beech Farm was once owned by Andrew Carnegie's niece Harriet Lauder Greenway.