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Montauk Pad Takes A Brutal $485K Loss at Auction

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Just when you considered it safe to sorta kinda overpay for that Montauk beach house comes a harsh reminder that it's pretty much not. A 3,000-square-foot post-modern home just sold at auction for $795,000, swimming pool and all. Fair enough, except that the house was originally listed for $864,000 back in May and was actually purchased for $1.28 million in '06. That $485,000 loss has to hurt. However, the WSJ reports that bidding started at a mere $400,000; so—all things considered—the auction wasn't a total loss. But maybe it would've done better with some lawn care? That grass is pretty unruly.
? Listing: 20 Gilbert Road [Real Estate Disposition LLC]
· ‘Deal of the Year’ in the Hamptons? [WSJ]