Historic East Hampton home at 140 Egypt Lane cuts $1.4M, down $11M since 2014

“Little Close” was built in 1921 by Polhemus and Coffin

By Grace Cassidy Oct 25, 2017, 9:00am EDT

The historic home at 140 Egypt Lane in East Hampton, referred to as “Little Close,” came on the market back in 2014 for a whopping $22.5 million—and the price has only gone down from there.

Earlier this week, this property cut another $1.4 million from the asking price, putting it at $11.5 million—meaning that $11 million has come off the asking price since it went on the market just three years ago. The home is represented by Rosehip Partners real estate agents Danielle Charlton and James Makrianes.

Built in 1921 for architect and engineer William Jenney, the home was designed by famed architects Polhemus and Coffin—the same architects who designed the esteemed Normandy House on Lake Agawam. Jenney is considered to the be “Father of the American skyscraper” after inventing the first skyscraper in 1884, the 10-story Home Insurance Building in Chicago, which was later torn down in 1931.

In total, there’s 5,485 square feet of living space on 1.6 acres of land. The home features eight bedrooms and four and a half bathrooms, a sunken living room, an oak-beamed ceiling, and a paneled dining room with fireplace. Outside, there’s a pool house, covered outdoor dining space, and terraces.

While the historic home is notable, a lot of work needs to be done inside to bring it up to date. In particular, the kitchen would benefit from extensive remodeling, and one of the bedrooms has a mirrored fireplace—along with bedding and headboards that match the wallpaper.