Remember August 2013? Sure you do: Usain Bolt winning, Whitey Bulger arrested, that One Direction movie debuted? (OK, us neither.) In that more innocent time, this property debuted on the market, asking a chortle-inducing $45 million.
Why laugh? The house itself was perfectly nice as spec homes go. There’s plenty of room with 9000 square feet with eight bedrooms. There’s 2.8 acres of land with a tennis court, pool of course, pool house, and even a little beach bungalow, and it’s oceanfront. Unfortunately, the land is narrow and the large house is awkwardly sited, and there’s very little usable empty outdoor space (the tennis court takes up a lot).
There are almost no oceanviews from the house (you apparently have to go on the second floor balcony). Most damningly, there is a busy public beach parking lot next to the house. (Which of course is cropped out in the aerial photo above.)
No surprise, then, that no one bought at $45 million….or $35 million…or $30 million. Now the asking price, which has just been cut another $5 million, is $24.75 million, which is more like it. (The property is currently listed by Susan Breitenbach at Corcoran.) Honestly, though, we wouldn’t be surprised if the final price were closer to $20 million, which means the developer, who paid $15.4 million, is going to take a bath on the project.
For more, click here. 38 Two Mile Hollow Road, East Hampton