With all the big sales, listings, and pricechops that have popped up in recent weeks, it would have been easy to overlook the closing of this four-bedroom on St. Mary's Lane. Come on, the 3000 sq. ft. home was only asking $3.2M when it found a buyer in August. However, the final purchase price of $2.95M stands out for the incredible return it netted for the now-previous owners. According to PropertyShark, they purchased the place for just $500K back in 2006.
How'd they pull that off while the real estate market was going haywire? A little digging offers a pretty decent explanation: It looks like their father was the one who originally sold them the place at such steep a discount. Ah, good ol' dad. We have a feeling that the Klein household is going to be extra festive during the holidays this year. They've got 2,450,000* reasons to celebrate.
· Listing: St. Mary's Lane, Amagansett [Sotheby's International Reality via HREO]
· Creative director selling Amagansett 4BD for $4.25M [BlockShopper]
* Minus the closing costs, of course.