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A Hudson River estate built for 19th-century American blue bloods has lowered its price to $20 million, after going on the market for $22 million last summer.

Located in the towns of Rhinebeck and Red Hook, N.Y., the 290-acre estate was originally built for newlyweds Laura Astor, a granddaughter of John Jacob Astor, known for being the nation’s first multimilliionaire; and Franklin Hughes Delano, whose great-nephew was Franklin…