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Historic Georgica House Cherridune is Going to Be Free Soon

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[Photo credit: Chris Foster]

Since we last posted about this house in August, another $1.5M has been sliced off the price, for a total of $3.5M in the past eight months. Ouch. The asking price is now quite a bit less than what the current owners paid for the place ($8.5M) back in October 2007. Cherridune was built in 1901 for Mrs. A.E. Newman by Frank E. Grimshaw, Jr., and retains loads of its original charm. The main house is 7400sf with six bedrooms, two of which have their own sleeping porches. There is also a three-bedroom guest house, originally built for Mrs. Newman's chauffeur. The basement contains a heated two car garage, an exercise room, powder room, sauna, laundry, changing room, and access to the rear patio with gunite pool. The property isn't large, at one acre, but the location is good.

Commenters back in August liked the house, mostly, with comments such as, "Just about perfect. Gorgeous grounds, timeless shingle-style, sensitively renovated." Another wrote, "Anyone who ACTUALLY knows this house also knows it's really on cross, not Apaquogue. The so called acre is on an elevated lot with 0 yard. Flow of house is odd, ceilings are low…" Finally, another commenter added, "House is fine. Lot not so good. On a hill and not much useable yard. I think that's why it's not selling. The comp is two doors down on Apaquogue that sold for $7mm with 2 acres. Up on a hill, but has a much larger useable lot." How low will the price have to go to attract a buyer?
· Cherridune - Historic East Hampton Estate Near Ocean [BHS]
· Historic Georgica House Cherridune is Yours for $8.45M [BHS]