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What's Going On With "Island In The Sky" (w/ Bonus Video!)

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So, we've finally got some more clarification regarding Setsuo Ito's love letter to the Growing Pains-era, "Island In The Sky" or, as Zillow calls it in the embedded video above, "The ultimate symbol of luxury."

The initial confusion stemmed from the fact that the home sold for only $3M back in September after it was listed for $9.9M (and this was after initially asking $30M back in 2007). We've grown accustomed to homes selling for less than the sticker price, but to change hands at such a discounted rate was rather shocking. Only adding to the mystery was that the home went back on the market for $10.975M just a few months later.

Here's the rub, though (and we've had a few people confirm this): A requirement of the September sale is that the home cannot be torn down. Instead, the new owner "has been renovating the property, repainting and restoring many of the architectural details as well as putting in a gym." So, while the 9 acre property with views of the Atlantic and the Peconic Bay would make an excellent setting for a more contemporary home, that 32-foot pyramid isn't going anywhere anytime soon.

· Water Mill North [Prudential Douglas Elliman]
· Listing of the Week: Home fit for hip-hop royalty [MSNBC]
· All Previous Setsuo Ito Coverage [Curbed Hamptons]

Island in the Sky

984 Noyac Path, Water Mill, NY 11976

Island In The Sky

984 Noyac Path, Water Mill, NY