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Is This Bridgehampton Oceanfront House a Goner?

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Here's a seller who means business. This property, which includes 1.2 acres of oceanfront land and a six-bedroom, six bath 4300sf house, was put on the market in mid-May for $20M. The price has just been chopped $4.75M, down to $15.25M. Doesn't seem like a bad deal if the house is in good shape, which it looks like from the exterior, but there are no photos of the interiors. And the listing states "Here is a great land opportunity to build a 10,000+ sq. ft. house…" Should we start humming the Dead March now?
· Bridgehampton Oceanfront [Saunders]