Nine Months Later, $6.5M off the Ask of Egypt Lane Mansion

Another few months, another few million sliced off the price. When this property hit the market just before Labor Day, most commenters said they liked the house but the asking price, $22.5M, was too high. "The house reads old Hamptons which would obviously be a turnoff to some. It's lovely and with some work will be fantastic. Price is obviously a stretch but more power to them. Someone will appreciate this place." "As an East Hampton architect, I have to say this is perhaps the most enchanting, historical, European style cottage on the East End. I have been in this home and although it needs an update, it is truly spectacular. The very best house on the End End. Well worth the price - whomever buys this is very lucky. And the property is amazing!" Then in January, the price was chopped to a much more realistic $18.9M. Now the sellers are getting real with a $16M asking price. We do think that if the sellers spent some money updating the place they'd find a buyer in no time. More and more we hear about how buyers don't want the hassle of renovations.

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.

· An Egypt Lane Grande Dame is Yours for $3.6M Less [CH]
· Egypt Lane Gem [Rosehip]