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David's Lane Colonial Will Sell For A Substantial Loss

The last time we checked out this five-bedroom number in the Village of East Hampton, we noted that a $555K chop had brought the asking price solidly into the red. Since that time, the owner of the 5000 square footer chopped the price not once, but twice! The two cuts brought the final listed asking price a touch below the $4M, or about $500K less than they shelled out back in 2006. Ouch.

So...anyone want to venture a guess as to the final purchase price? Judging by the number of pricechops this place has seen in the last year or so, it's a pretty safe bet that the owner agreed to something even less than the $3.95M pricetag.

· Listing: David's Lane, East Hampton Village [Sotheby's International Realty]