Attractive Southampton Village House Attractively Priced: $5M

Yes, this house in the Southampton estate section is suffering a bit from the swags-and-tails, wallpaper borders 1980s. (And we don't even wanna know what the heck is going on with the Ionic capitals and draperies in that blue bedroom.) But after the new owners chuck out the chintz and ditch the wall-to-wall, they'll have a nice 4345sf house, with five bedrooms and four baths, set on 0.92 acre with a gunite pool south of the highway, all for a very reasonable $5M. We think this represents good value either for the owner who's not afraid of renovating or a flipper: what say you?

· Southampton Village Family Estate [Sotheby's]