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Stately East Hampton Mansion Pricechopped $2.4M

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This property, known as the Louis Faugeres Bishop House after the doctor who once owned it, hit the market back in mid-October asking $13.9M; it's recently been pricechopped down to $11.5M. Everyone thought the price was way too high last autumn; commenters wrote: "Done at $10-$11M." "Sorry - it will move in the $8s. Double sorry, it will take multiple price reductions to move it." And "I don't see how it sells in the $8s when three houses on Lee surrounding Cottage sold for $6.5 to $7 with 1.2/1.3 acres in much better locations. Good luck to them."

The house was designed in 1928 by architect L. Bancel LaFarge in the fashionable French country style and is made of handmade brick. Today it retains much of its original charm with terraces, French doors, climbing plants, and fireplaces. There are five bedrooms and four and a half baths plus a two-bedroom staff wing. Of course there's a heated pool and lovely old trees. The plot size is 1.5 acres and you can easily walk to town.

How low do you think the price has to go to attract a buyer?

· Louis Faugeres Bishop House, Ocean Avenue [BHS]
· Stately East Hampton Mansion Seeks New Owner [CH]