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Gin Lane Cottage Increases Price by $3M Just to Drop it by $5.4M

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In 2009, this historic Gin Lane cottage made waves (other than the ones crashing down on its oceanfront backyard) after it decided to increase its price from a staggering $17 million to an even more staggering $19.9 million. Why? Why not! But that asking price, which then-listing agent Harald Grant agreed was "ambitious," is no more. The two-acre swath of land recently chopped off $5.4 million, leaving it at $14.5 million. Not to seem redundant, but how staggering! For this deflated price, a future buyer not only gets the oceanfront land, but also rights to demolish the circa 1880s cottage shown above. But given the homes storied history, one might want to think twice.

· Listing: Gin Lane Oceanfront Cottage [Corcoran]
· Gin Lane Property [Saunders]
· 450 Gin Lane Coverage [Curbed Hamptons]