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Celebrity Real Estate

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Earlier in the season, a tidy plot of land next door to Martha Stewart's Lily Pond Lane cottage quietly entered the marketplace for $7.5 million. The acre of land came complete with an antique carriage house and room for expansion—broker Paul Brennan added that a larger house on that site could fetch $15 million. Not that Martha has had a great track record with previous neighbors, but daring developers might find the parcel's $1 million price drop too tempting to care. [Prudential; TRDNY]