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3.5 Acres of Georgica (Plus House) Now $2M Cheaper

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Back in June when this property hit the market, we thought the price, at $11.9M, was fairly reasonable. All commenters loved the incredible grounds: 60' pool with "lounge," potting shed and cabana; tennis court with pavilion; and an "80 yard golf hole." The house, large at 7700sf , with 7 bedrooms and 9.5 baths, staff apartment, gym, sauna, and wine cellar, was suffering a bit from the 90s, but nothing a good renovation/redecorating couldn't sort out. Apparently buyers disagreed, because the place is still on the market for $2M less, quite a big pricechop. Surely $9.95M for 3.5 acres of prime Georgica is getting close to land value?
· Ruxton Road at Cove Hollow Farm [Corcoran]
· 3.5 Acres of Georgica Plus House, Pool, Tennis, Golf for $11.9M [CH]