East Hampton home sells for $11M after five years, originally asked $24.75M

The home at 11 Cove Hollow Farm Road on Georgica Pond in East Hampton has officially sold, having originally come on the market back in 2012 with an asking price of $24.75 million. Five years later, the home sold for less than half of the original asking price, closing at $11 million.

Toni Asch of Douglas Elliman brought the buyers, but the home was listed with Compass Real Estate agents Ed Petrie, James Petrie, and Julie Wolfe. The purchase was made under an LLC, so the buyers are unknown at this time.

Back in August, a contract was signed, at which time the asking price was still higher than what it eventually sold for, at $14.95 million. In total, over $10 million was cut from the asking price in its time up for sale, and finally sold for $13.75 million less than what it was first priced at.

The 7,500-square-foot home has five bedrooms, six and a half bathrooms, 408 feet of water frontage on Georgica Cove, high ceilings, French doors, a pond view veranda, heated waterside pool, and a separate one-bedroom apartment.

• Georgica Cove home $10M down from original asking price after five years on the market [Curbed Hamptons]
• Contract signed on East Hampton home after five years on the market [Curbed Hamptons]
• 11 Cove Hollow Farm Road [Compass]