Commenters yesterday argued about the tiny Montauk oceanfront cottage asking $8.5M. In the "no way" camp: "8.5 Million??? What are they smoking? The structure looks like it belongs in a Boy Scout sleep away camp. Even with that amount of property, I could not see anywhere over $2 Million." "?even when tore down, town will have extreme limits on what you can build in replacement of current structure. i say worth no more than 4mil." "Worth something between $1.5M ~ $2.0M." "neighbors are close and won't be happy with a tear down and anything higher in elevation than current house. there is room to put something nice there but 8.5 just to tear it down?" In the "yes way" camp: "Jann Wenner of Rolling Stone magazine paid over 12M for 2 acres with a substantial house and tore it down. they will get asking." "It's definitely more 50's-era Boy Scout camp than cottage, but the land is what someone will pay for. Similar size oceanfront property nearby is $9.45mm, and the house is not new either. it'll go for higher than anyone thinks..."