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Kimora Lee Simmons Loses Her Hamptons Phat (And Some Money)

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The "Life in the Fab Lane" star has just sold her spectacularly unfabulous-looking house in East Hampton for $650,000. Not only did the Baby Phat executive, and former wife of Russell Simmons, have to settle on a pricechop from the original asking price of $800,000, she's also taking an overall loss since records show she purchased the house for $690,000.
· Kimora Lee Simmons sells East Hampton home [Real LI]