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$2.7M Montauk Estate Now on The Block for Only $1.25M

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In 2008, a buyer plunked down $2.7 million for new construction in Montauk, but now that home is on the auction block with a reserve of only $1.250 million! The property encompasses two acres of land, a 4,000-square-foot main house, and a two-story detached garage. The home also offers a heated pool, five bedrooms, and room to grow in an unfinished basement. But all we can focus on is that $1.25 million starting bid. Talk about opportunity!

Turns out the most recent homeowner, a one-time salesman for a company involved in a $400 million Ponzi scheme, was forced to put the property up for auction back in '09 "as part of a civil forfeiture case." According to Real LI, it's first time around was a little more glamorous: Prudential's Enzo Morabito had the listing and the starting bid fell just shy of $2.5 million. My, how times have changed!
· Listing: 4,000+ Sq Ft Home on Two Acres [Maltz Auctions]