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Stately East Hampton mansion: once more unto the pricechopper, dear friends

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They said it would trade in the 8s

Once more unto the pricechopper, dear friends, once more; Or close the wall up with our lost dollars.

We’re pretty sure that’s how that one goes... This property has been lingering on the market for two years now. In October 2014, the property, known as the Louis Faugeres Bishop House after the doctor who once owned it, was available for $13.9M; in March 2015 the ask was cut down to $11.5M, and then in May 2015 $1.6M was sliced off the asking price. Now the listing is with Compass and the asking price is $8.75M, which is $5.15M off the original. Ouch.

The CH commenter who wrote: "Sorry - it will move in the $8s. Double sorry, it will take multiple price reductions to move it." You’re probably correct! Another commented, "Land is worth $8.5M which lends $3M to site improvements. Make a bid at $8.995 and see where it goes," and "Too stately for the buyer of now. Needs a complete systems/infrastructure overhaul, completely new kitchen, and likely a shit ton more. I agree this has to go much further down before it ultimately trades in the 7's. Maybe 8." We don’t know if it will trade in the 7s—we tend to agree with the above about the land value.

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.