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European villa style property takes more than $3M off the asking price

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It’s now asking $6,625,000

Just last month, Curbed featured the European villa style estate at 29 & 51 Poxabogue Lane in Sagaponack, which at the time was listed for $10 million. One commenter thought the house “should be $5 MM or $4 MM with the furniture”—and that reader might be getting closer to being right, as the property just cut more than $3 million off its asking price.

The compound is now listed for $6,625,000 under Corcoran Group Real Estate agent, Lidia Latrowski-Buonanno.

Designed in 2002 by architect Peter Marren—the same architect who designed a building for Wölffer Estate Vineyards—the main house has 6,270 square feet of living space split into two separate wings with the master suite on one side of the house and three guest bedrooms and an artist’s studio on the other. Features of the pondview home include a grand entry foyer, 25-foot wood vaulted ceilings in the living room, and a custom stone fireplace.

There’s also a full wet bar, a lofted library or study, a dining room that can seat nearly 30 people, and a fully-equipped kitchen with an imported 11-foot Brazilian teak center island.

Outside, one will find a detached two-car garage, a gunite pool, a bocce ball court, a glass-covered pergola, and room for a tennis court.

The main house is situated on 3.5 acres of land, while a one-bedroom guest cottage on another 3.5 acres of land gives the compound a healthy 7 acres in total.

Do you think $6,625,000 is a good price? Or should the price keep going down? Tell us in the comments.

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