A well-known estate on Cape Cod has sold for roughly $20 million, setting a price record for the popular coastal summer destination.

The deal tops the prior record set in 2013, when billionaire Bill Koch paid $19.5 million for a home owned by philanthropist Bunny Mellon, The Wall Street Journal reported.

The property came on the market last December asking $25 million. The estate spans about 9.6 acres on the Penzance Point peninsula in Woods Hole, Mass., on the southern tip of Cape Cod, and is surrounded on three sides by water. It includes a traditional-style main home as well as a guesthouse, a 36-foot swimming pool, a boathouse and a deep water dock, according to the listing. It also includes its own stretch of private beach.

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The property came on the market in December asking $25 million.

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The main house has four bedrooms, a circular entryway with decorative windows, a formal dining room, a library with reclaimed chestnut paneling and a series of large decks looking out to the water. There are two additional bedrooms in the guesthouse.

The sellers are Texas oil-and-gas investor Jamie Clark and his wife Kathy Clark. They inherited the property from Mr. Clark’s father Jim Clark, a former Wall Street executive and a philanthropist who championed cancer research causes. He died in 2015, at age 93. Jamie and Kathy Clark have another smaller home on the peninsula, which they will keep, they told The Wall Street Journal in December.

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Reached by phone at his home in Texas Wednesday, Mr. Clark said he wasn’t surprised that the property sold, even amid a pandemic.

"You have to look past all this and say, what’s something I’d still like to own two years from now?" he said. "It’s not like owning a stock or a bond. It’s something you can enjoy long-term."

The identity of the buyer, who purchased through a trust, couldn't be determined.

Kerrie Marzot of Sotheby’s International Realty had the listing.