Creekfront Georgica compound sells below ask

The buyer closed on the compound for $12M—which is $4.5M below the original asking price

By Grace Cassidy Apr 18, 2018, 10:21am EDT

The creekfront compound at 3 & 7 Cove Hollow Farm Road in East Hampton was asking $16.5 million under Sotheby’s International Realty agents Frank Newbold and Marilyn Clark when it landed on the market last August—and it kept that listing price up until its recent sale.

Sited on Georgica Cove and featuring 400 feet of direct water frontage, the two waterfront properties have 6.3 acres of land in total. The existing main house is located at 3 Cove Hollow Farm Road, while the empty lot is at the 7 address.

The two single and separate lots were available both together and separately. If the buyer were looking to purchase just the main house, they’d be looking at an asking price of $9.8 million.

Ultimately, the properties went into contract in January and the buyer closed on the compound for $12 million earlier this month—$4.5 million below the original asking price.

When we featured the main house back in August, our readers commented that they thought the 4,750-square-foot ’80s contemporary would be coming down. If the new owner chooses to tear it down to make room for a new home, the zoning on each property would allow for a 9,000-square-foot structure.