East Hampton home down $20M in asking price since coming on the market

It’s asking just 55 percent of what it was in 2013

By Grace Cassidy Aug 10, 2017, 10:00am EDT

At one point, the home at 38 Two Mile Hollow Road in East Hampton was asking a whopping $45 million. That time was 2013, when the home had just been finished being built and went on the market for the first time.

It got criticized for its high price tag because it’s located next to the Two Mile Hollow parking lot and only has ocean views from the second story—and for a price tag like that, people will want ocean views from every room in the house. The home is advertised as oceanfront, but there’s only one photo on the listing that you can see the water from.

The property then came down in price to $39.5 million in 2014, then to just under $33 million in 2015, and then under $30 million in 2016. Now, the home just got almost $5 million shaved off the asking price, putting it at $24.75 million—which means the home has been cut in price by more than $20 million since it came on the market.

Where it currently stands, the price is just 55 percent of what it was when it went up for sale in 2013.

The home has 8,242 square feet of living space on 2.8 acres of land, with eight bedrooms and nine and a half bathrooms. Features include five fireplaces, separate guest quarters, a chef’s kitchen, a beachfront cottage, infinity edge pool and spa, and tennis court.