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RHONY-Approved Bayfront in Shinnecock Hills Asks $8.275M

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We will never understand why rich people spend time and money creating their dream property, only to put it on the market inside of a couple of years. Seems like such a waste. This house was purchased in 2005 by Internet entrepreneur Damon Giglio, who founded ForSaleByOwner.com. Cost was $4.5M; he then spent $3.5M on such necessities as a floating glass staircase and an "aromatherapy infrared sauna." He "proceeded to oversee every detail of a three-year remodeling, from the planting of a beech tree some 200 feet up the 400-foot driveway to the color of the felt on the custom-made stainless-steel pool table." And then after a couple of years he put it on the market. In 2011, when we wrote about the house, the asking price was $9.75M. Last year, former RHONY star Jill Zarin was reported to have bought it, but we guess it was only rented, because Giglio is still the owner and it is still on the market. Even if the property sells for the asking price, Giglio will have lost money on the deal. Oh well, such are the mysterious ways of the rich folks.
· One of a Kind Waterfront Contemporary [Corcoran]
· A Waterfront Contemporary in Shinnecock Hills for $9.75M [CH]