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Ambitious Flip in the Southampton Estate Area

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This property first hit the market back in April of 2011 asking $10.5M. We posted about it in January of 2012, when the price was chopped down to $10.1M. It finally sold in December 2013 for $7.7M. Well, a few cans of white paint later, it's back and now the asking price is $9.25M. (Pictures of the "before" interiors can be seen at the Zillow link below.)

The details: the 4500sf house is set on almost two acres in Southampton's estate section. There are five bedrooms and five baths, including a master suite with fireplace on the first floor. There are pretty gardens outside, a pool and tennis court. On the downside, the kitchen and bathrooms are fairly dated. Couldn't the flipper at least have installed a new kitchen? That would make the place much more appealing and move-in ready. Your thoughts?
· Southampton Estate Section, Pool & Tennis [Sothebys via HREO]
· 200 Captains Neck Lane [Zillow]
· Live On Southampton's Captains Neck Lane For $10.1M [CH]