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After A $600K Chop, This EH Five-Bedroom Is Listed At A Loss

After hitting the market in April for $3.495M, this updated farmhouse in East Hampton's Northwest woods just dropped the price by a massive $600K...putting it clearly in the red. Larry Sands (owner of the Optical Shop of Aspen) paid $3.2M for the place back in 2005, so he stands to take about a $300K loss at this point. Ouch.

As for the home itself, we're digging the hell out of the place. Set on 2.5 acres at the end of Bull Run, the 4700 square footer offers five en-suite bedrooms, a gourmet kitchen with sub-zero and Viking appliances, and a state-of-the-art McIntosh sound system. There's also a separate wing that boasts a billiards room and a separate guest suite above the two-car garage. It's the "centuries old" barn that really steals the show, though. Hand hewn beams run the length of the room while a brick fireplace runs the full height of the three-story living space.

· East Hampton NW [Prudential Douglas Elliman]