Nab a Bargain on Hook Pond Cottages at Auction?

The latest in the saga of those two cottages on Hook Pond: they're going to the auction block on November 11, with a minimum opening bid of $12M.

The story till now: back in January 2014, this property, consisting of two cottages, hit the market asking $28M. A year later, it was pricechopped $10M, with the houses also available separately, for $8M and $10M. Each property is on about an acre. In April of this year, a third house was been added to the mix on an additional acre, for a total of $27.5M. (This house is not included in the auction.)

You can't say they're not trying. But—no takers.
The caveats with this property is that it's next to the Main Beach parking lot and there is some doubt about whether a buyer would be able to put pools by two of the houses because of wetlands rules. Thinking you might buy it all, knock all the houses down and build a new mansion? Think again. Much of Ocean Avenue is a historic district, so we're not sure what in the way of renovation or demolition is possible. And again, you're next to a busy beach parking lot. We'll be interested to see if the property sells in November.
· Upcoming Auction: Hamptons [SG]
· Lovely Hook Pond Cottages Are Yours for a Mere $28M [CH]
· Lovely Hook Pond Cottages Are Yours for Ten Million Less [CH]
· Dream Compound with Access to Main Beach [Sotheby's]