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This East Hampton Five-Bedroom Can't Seem To Find A Buyer

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With the sales activity that's been happening on Egypt Close in recent months, we wanted to draw your attention to another home on the street that's currently on the market. Renovated and expanded in 2004, the residence is set on almost two "park-like" acres and boasts 5200 sq. ft. of living space. All the amenities one would expect from a south-of-the-highway property are accounted for:

"5 bedrooms (two en suite first floor masters), 5.5 baths, a plush movie theater, professional paneled pool room, concealed wet bar, mirrored gym, redwood walk-in sauna, a private second floor suite, artist studio that can be a sixth bedroom and a 2- car garage."The requisite gunite pool also makes an appearance (just in case you were worried). While the house looks to be in much better shape than its siblings down the street?this one's actually at the end of the cul-de-sac?it's been on the market since the end of 2009 with no buyer. Its initial $7.9M pricetag was most likely scaring away potential offers, but that's dropped dramatically in the years since. After nine pricechops (mixed in with a couple of priceups just to keep things interesting) the ask now stands at still-healthy $4.95M. Anyone have any theories as to what's taking so long?

· Listing: 28 Egypt Close [Corcoran]