A Southampton, N.Y., home on storied Meadow Lane, which is home to business titans such as David Koch and Leon Black, is coming on the market for $38 million.

As reported in the Wall Street Journal, the property is owned by Adrien Arpel, a beauty entrepreneur who made her name selling her products in department stores and later on the Home Shopping Network. Ms. Arpel has owned the property for 37 years, she said. She declined to say how much was paid for the home.

She and her husband, Ronald Newman rebuilt the home in Mediterranean style in 2002 and have renovated it twice since. The most recent renovation, which involved installing a new kitchen and all new bathrooms, was completed last year. Mr. Newman died in 2015.

The oceanfront home comes with over 8 acres; roughly half are oceanfront, and the others are located across the way on Shinnecock Bay. The house measures about 7,250 square feet with six bedrooms. It has a double-height entryway with a grand spiral staircase, an oceanfront living room with access to the beach, a formal dining room and a library. The property also has sprawling manicured English gardens protected from ocean winds by two large sand dunes. There's also a tennis court and a pool.

A path leads directly onto the beach, where Ms. Arpel said she likes to take long walks and host large beach parties.

Ms. Arpel says that since her husband died, she has been dreaming of buying a small place in the South of France, where she has been spending more time each summer. Although she is listing the Southampton home, she is keeping her homes in Palm Beach, Fla., and Manhattan. She said she considered renting out the home but thought she was too much of a perfectionist to abide any damage renters might do.

"This house is too important and too wonderful to just sit here," she said. "If someone else could have the great pleasure and all the parties, birthdays and anniversaries that we enjoyed here, it would be wonderful."

Tim Davis of the Corcoran Group has the listing.