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Gin Lane Wallflower Has Its Price Chopped to $21.5M

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This property only hit the market less than eight weeks ago, but it's already had $3.45M sliced off its original $24.95M price. Next door, which was offered at the same time for $19.9M, has already gone into contract, however. This property offers an historic beach house from the early 1900s, with a rather odd Philip Johnson glass box addition stuck on the side, with eight bedrooms and six and a half baths. There's also a rather amazing dunetop pool and a three bedroom carriage house for staff or guests. It's 1.5 acres with 142 feet of oceanfront. Will this price cut entice a buyer?
· Superb Gin Lane Oceanfront [Sothebys]