The waterfront Hamptons property was in contract for two weeks and sold and closed in two months for the asking price of $4.995 million, according to Douglas Elliman Real Estate.
The two-story, shingle-style cottage includes four bedrooms, three bathrooms and one half bath, according to the listing with Michaela Keszler of Douglas Elliman.
It features water views from every room, plus amenities like fireplaces in the living room and master bedroom and a deck with an outdoor shower.
The 2,304-square-foot house sits on a 1.33-acre lot on Shinnecock Bay and across Meadow Lane from the beach access and the ocean. There's enough room for an addition or a pool, according to the listing.
The Hamptons, located on New York's Long Island, have long been a popular getaway destination for the rich and famous.
Brooks, known for titles like "The Producers" and "Spaceballs," and Bancroft, best known for her roles in movies like "The Graduate" and "The Miracle Worker," only owned this property briefly. But the couple owned at least one other Hamptons property, a 2,000-square-foot beachfront home near Mecox Bay. They bought the house for $3 million in 2000 and Brooks sold it for $5.3 million in 2010, according to Curbed.