In 2007, a developer under the name M & M Custom Homes purchased a shy two-acre parcel on Cove Hollow Road in East Hampton for $3.6 million. Shortly after, M&M's hit the ground running, starting work on a 7,800-square-foot custom house. Listed at $9.950 million in '08, the property included amenities like a wood-paneled elevator, his and her master baths, and a grandioso pool house. Unfortunately, the finished product lingered on the market for about two years, which prompted a modest 10% PriceChop. Luckily, M&M's efforts worked! Within a few months, the property entered contract. The bad news? Another discount! According to Streeteasy, the final closing price ended up at $8.250 million. We hope Mr. and Mrs. Simpson Street Properties (the listed buyer) enjoy their new digs.
· 233 Cove Hollow Road [Corcoran]
· Sold: 233 Cove Hollow Road [Streeteasy]