The 13,661-square-foot residence is selling for $4.595 million, according to the listing. That price is actually 36 percent less than what the Philbins paid for it almost 10 years ago, The Wall Street Journal reported.
"They're obviously losing millions of dollars, but in spite of that, [the Philbins] asked for an intelligent process," Barbieri added. "And they want to make sure the house is priced fairly and that it is competitive in the marketplace. That was the reason it's priced where it is."
The English Manor-inspired house has six bedrooms, nine full bathrooms and three partial bathrooms, according to the listing.
It also has seven fireplaces, mahogany library, a billiard room, a "pub room" with a full bar, a home theater, sauna, gym and a wine cellar, the listing said.
"The house has a lot to offer," Barbieri said. "It basically has a lot of what a $10 million house has, it's just priced in a way that is competitive."
The home also has terraces that overlook the 2.59-acre property that includes a pool and tennis courts.
Amenities on the property also include a one-bedroom guest house and garages to fit five cars, the listing said.
"It's a wonderful value and I think anybody looking to have the resort-like amenities in a cottage … There aren't a lot of opportunities like this," Barbieri said.
Philbin, the 88-year-old retired television host, is best known for the morning show "Live! With Regis and Kathie Lee," which eventually became "Live! With Regis and Kelly."
According to the Guinness World Records, Philbin holds the record for the most hours on U.S. television. When he received the honor in 2011, he had been on 16,746.50 hours of U.S. television.
Philbin and his wife decided to sell their home so they could spend more time with their relatives in California.
"We've moved around a lot and lived in many houses together but this house will always be our favorite," Joy Philbin said in a statement, The Journal reported. "We celebrated many birthdays and holidays and never had to worry about inviting too many of our family and friends. There was always room for everyone."