The Southampton estate previously owned by Ahmet and Mica Ertegun has significantly reduced its asking price from $52 million to $34 million, attracting potential buyers. This 11,000-square-foot property features 10 bedrooms and 13.5 bathrooms, reflecting architectural design from 30 years ago. Broker Tim Davis attributes the price change to market expectations, noting buyers prefer homes without necessary renovations. Since the reduction, several interested parties have emerged, indicating a willingness to invest further in modernization. The home, set on 5.5 acres, awaits a buyer who appreciates its historical value and potential.
The price change really sort of came about as a result of having the house on the market for some period of time and realizing the buyer pool expectations given that the house, though is certainly in wonderful condition, is a house that was built 30 years ago.
And those that do require some work, we are seeing that we're adjusting to the marketplace and getting a lot more action and offers.
Davis said that since the price cut, the home has lured in several interested parties, including an individual who plans on bringing his architect to see what modern-day upgrades can be made.
If somebody was to buy this and spend $4 to $5 million, they could truly bring the home up to modern standards.
Collection
[
|
...
]