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Motivated Sellers In North Haven Now Looking For $12.75M

After sag Harbor resident Edith Dallas Ernst?widow of American abstract painter Jimmy Ernst and the daughter-in-law of Surrealist giant Max Ernst?passed away last June, her children didn't waste much time putting this property on the market. Originally priced at $16M in August of 2011, the listing has seen a couple of pricechops and is now asking $12.75M.

Included with this price is not only a "cleverly designed" four-bedroom modern home set on 2.15 acres of land with its own beach and 338' of water frontage, but an adjacent 1.84 acre lot that will "provide ample room for a rich compound with main house, guest house, pool, [and] possible tennis". We love the sound of four waterfront acres on Noyac Bay, but the price is hitting the wrong note. If Tyndal Point?a 55-acre parel also North Haven?ended up selling for $36M last June, we're having a hard time picturing this changing hands at the current ask. Expect to see a few more pricechops in this listing's future. Thoughts?

· Listing: Compound Opportunity - 338' Water Frontage, Dock and Sunsets [Corcoran]