Our friends over at Property Shark notified us of an upcoming foreclosure auction in Water Mill. It seems like high-end foreclosure auctions in the Hamptons always make news. There’s a 6600 square foot 90s contemporary on 4.6 acres with a pool, tennis court, and distant ocean views. The lien on the property is $2.6M.
Looking closely, though, we’re not at all sure the property is worth $2.6M as it is, mainly because the house is so hideous.
We don’t see how this place is salvageable even with a good architect. So if it’s a teardown, then what’s the value of 4.6 acres? (Leaving aside demo costs.) The neighboring property is 7 acres, cleared, and $1.395M.
If you’re interested, the auction is August 25 at Southampton Town Hall.