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Venture Capitalist Sells $20M Pondfront Cottage at A Discount

A few months back, this $19.9 million "cottage-style classic" on Sagg Pond entered into contract. But now the 5,000-square-foot property's freshly-recorded deed is available, and indicates a selling price of $16.2 million. Compared to its original asking price, which reportedly reached $30 million, that's a pretty epic discount. Looks like $30 million homes just aren't what they used to be! According to records, the two-acre property was last held by venture capitalist Arch Cummin, who has already sold his fair-share of notable real estate. In the '90s, for example, Cummin listed a "72-acre-island in the U.S. Virgin Islands." But the Virgin Islands have nothing on Long Island, right?
· Listing: Sagg Pond Waterfront, Ocean Views [Sotheby's]
· Deed Analysis [27 East]