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2007's "Idea House" Gets A $550K Pricechop, Now Under $5M

It looks like Valerie Mnuchin?daughter of Goldman Sachs exec-turned art dealer, Robert Mnuchin?is already bored with her Amagansett home. She picked up the Hamptons Cottages & Gardens Idea House in May of 2010 for $4.3M and put it back on the market a little over a year later. Hoping for a quick and hefty return on her investment, the house was then priced at $5.2M. Following yesterday's pricechop, the 7,400 sq. ft. manse's pricetag is now $4.65M...not much more than what she originally paid.

Other than it's north-of-the-highway location, the house itself ain't too shabby. Designed by Steven W. Semes and built by Sand Dollar Development, the six-bedroom residence offers:

"an enormous gourmet country style kitchen with Viking and Sub Zero appliances... formal dining room, great room, coffered ceiling living room with fireplace and French doors giving to spacious covered porch. [It also] features a home theater with wet bar, sauna, and wine cellar."Situated on 1.9 "beautifully landscaped" acres that once belonged to the Warner Leroy Estate, the property is set next to a reserve and surrounded by beech trees, ensuring maximum privacy. And, in case you were worried, there's also heated free-form gunite pool with a solar powered pool house. · Listing: Former Designer Showcase Home [Sotheby's]
· 2007 HC&G Idea House Tour [HC&G]