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Real Estate Sold

Richard Parkoff, a big old real estate executive, just plunked down $25.5 million to secure a 10,000-square-foot Lily Pond Lane estate in East Hampton. The property might have 2.87 acres of land and an unbeatable address, but for that price, the WSJ wants to know where the water view is. Answer: there isn't one! The seller, Carol Ann Morgan, widow to a former executive at Thomson McKinnon Securities, worked with Prudential Elliman to help move the deal along. [Real LI]