It's not every day you come across a listing that gets pricechopped so dramatically that the size of the cut itself is bigger than the ask of many high-end homes in the area. Such is the case with the almost $6M chop that The Village Latch Inn Hotel recently experienced. After hitting the market back in May of 2010 for $24.75M, the boutique hotel set on five acres is now asking still-hefty $19M.
Known for its "Great Gatsby Estate" main building, The Village Latch Inn Hotel was "formerly known as the grand annex to the famous Irving Hotel", one of the East End's oldest resorts. As you might expect, it boasts quite the roster of boldface names as previous guests: Vice President Al Gore, Michael J. Fox, Isabella Rossellini, Sarah Jessica Parker, Dennis Quaid, Carly Simon and Don Henley, just to name a few.
Since they had very little luck finding a hotelier to purchase the property, the listing agents?Enzo Morabito and his team from Prudential?are wisely marketing its "unprecedented development opportunities." New owners might consider developing condos, creating a new new high-end resort, a private tennis club, or turning it into a family compound. Will the strategy finally help land a buyer? Who knows? But the $5.75M pricechop certainly won't hurt.
· Listing: 101 Hill Street - Southampton Village [Prudential Douglas Elliman]
· The Village Latch Hotel Inn [Official Site]