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On the Auction Block: Semi-Fire Sales All Around

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This weekend, a new round of Hamptons properties hit the block in an online auction by Enzo Morabito of Prudential Douglas Elliman. Seemingly fire sales of all kinds, the homes and land are listed as a bankruptcy, an estate sale, and a 'must sell'; however, the fine print at this auction leads potential buyers to see these offerings as less than guarantees to the highest bidder. Aside from the bankruptcy in Hampton Bays, the estate sale is a 6.2 acre parcel of land in Wainscott that courts must approve, and the East Hampton 'must sell' is at the seller's discretion, though we're guessing they're rather flexible.

Some fine brokerbabble accompanies the Wainscott land, which is said to be "off Montauk Highway, but 'goes back three football fields'," and has an opening bid of $899,000. The East Hampton contemporary, also off Montauk Highway, but with no fields of protection, starts at a mere $1.399 million. The web-based auction will last two days beginning on Saturday.
· Hamptons Auction Will Feature 'Must-Sell' Properties [Real LI]
· Hamptons Auctions [Official Site]