Chad Pennington's Muttontown home in contract

Quarterback Chad Pennington, who was cut from the New York Jets earlier this month to make room for Brett Favre, has gone into contract on his Muttontown home.

Pennington first put the six-bedroom, 7½-bath, brick center-hall Colonial mansion on the market in July for $4.095 million, later lowering it to $3.995 million. The 2-plus acre estate went into contract "within 30 days and for close to the asking price," says Shawn Elliott of Shawn Elliott Luxury Homes & Estates, whose company both listed the property and brought the buyers. The listing agents are Barbara Tomko and Sharon Hyman.

Elliott says that the closing is expected by early October, and that the new owners are a Manhattan couple in the financial industry.

Pennington’s 7,000-square-foot home has a state-of-the-art fitness center, a billiards room, Gunite pool and a four-car garage. Records show the home was purchased in 2005 for $3.595 million.