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James Fairchild, leader of the Fairchild Publications empire, and his wife have picked up a pricey fixer-upper on Southampton's South Main Street. The couple are now in contract on the $11 million Victorian home, but are reportedly paying well under that asking price. The home, known as Hildreth House and built in 1885, is on 1.75 acres but labeled 'a bit of a wreck' by one broker. Time to hit Home Depot, Fairchilds. [NYP]