Grand Old Egypt Lane Mansion Price Keeps Sinking

More pricechops have been endured by this old-school Hamptons mansion. The property hit the market around Labor Day, 2014, asking a high $22.5M. Most commenters liked the place, but given the updates needed, thought the price was a stretch. In January, the price was chopped to a much more realistic $18.9M, and then in May the asking price was dropped again to $16M.

And now here we are, sipping hot cider while the leaves turn, and the ask is finally under $15M. Back in May, one commenter said, "Keep chopping. 12 or so will take it, then the interior will undergo a two year gut." And one wag commented, "Wallpaper, wallpaper everywhere. Two twins combined as a king? The last time this place was decorated was around 1962. The kitchen looks an old Steak and Ale restaurant." Gotta say we laughed.

This house, "Little Close," was built in 1921 for William Jenney by architects Polhemus and Coffin (who also designed Normandy House in Southampton). Located next to the Maidstone Club, the property retains much of its original charm and offers beautiful mature trees and gardens. There is 1.6 acres of land with a 60' pool and pool house with his and hers changing rooms with baths. The house itself is 4875sf, with eight bedrooms and 4.5 baths.
· Nine Months Later, $6.5M off the Ask of Egypt Lane Mansion [CH]
· Egypt Lane Gem [Rosehip]