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What's the Deal with 55 Skimhampton Road?

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A reader writes,

I just saw a listing for 55 Skimhampton Road, EH. It's listed sub $1.5 mil, south of the highway in East Hampton. Is this a great deal or am I missing something critical in all this? We're not sure what the story is with this property. It's been on and off the market for quite some time. It looks very charming from the pictures, though of course Skimhampton Road is a cut-through street so there will be road noise. Still, seems like a good deal to us: three bedrooms, 3.5 baths, new kitchen, 1800sf, just under half an acre. So what's the problem? Demonic pig with red eyes appears on the full moon every month?

Anyone out there in the Curbediverse got an opinion? Let us know in the comments.