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Olde Towne Development Remains Unfinished, Unsold

The Olde Towne development, which rests on the site of Southampton's first settlement on Wickapague Road, was once touted as 'the New Billionaire's Row.' But now, over two years after the project took off, there is neither a billionaire to be seen nor a word of old English to be spoken.

The 50-acre development first made headlines after developer Bob Gianos revealed his plans to execute what would soon become America's largest mature tree installation. And—of course—interest grew further once he set prices for the seven 4-acre homesites between $18 and $22 million. But after the shock wore off and the trees took root, interest in the mega-estates dwindled. Today, all of the homesites remain unsold and off the market. Need us billionaires look elsewhere?