- An 8-bedroom mansion on a 58-acre estate in the Hamptons just sold for more than 50% off,The New York Post reported.
- The Bridgehampton property, called Three Ponds Farm, includes a 25,000-square-foot main residence, a 75-foot pool and pool pavilion, a grass tennis court, and a private 18-hole golf course.
- The estate was originally asking $US75 million in 2003 and has now gone into contract for about $US35 million – a $US40 million price chop.
- The buyer is reportedly Arbor Realty Trust CEO Ivan Kaufman, according to the Post.
- News of the heavily discounted sale comes at a grim time for the luxury real-estate market in the Hamptons.
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The property in Bridgehampton, called Three Ponds Farm, went into contract for about $US35 million – $US40 million less than its original 2003 asking price of $US75 million.
In addition to the eight-bedroom, 25,000-square-foot main residence, the estate includes a 75-foot pool, pool pavilion, grass tennis court, an 18-hole golf course, and a clubhouse. The buyer is reportedly Arbor Realty Trust CEO Ivan Kaufman, according to the Post.
Three Ponds Farm is not the only Hamptons mansion to get a massive price chop lately. The 42-acre Jule Pond estate in Southampton recently got a $US30 million discount, now asking $US145 million instead of $US175 million.
News of the heavily discounted Three Ponds Farm sale comes at a rather grim time for the luxury real-estate market in the Hamptons.
The New York Times reported earlier this month that home prices are plummeting in the favoured summertime playground of New York City’s wealthiest residents. The median sale price of a Hamptons home has fallen to a seven-year low of $US860,000, according to a report from Douglas Elliman Real Estate.
The real-estate slump can be linked to President Trump’s 2016 federal tax reform, which makes it more expensive to own luxury homes.
And more and more buyers who might’ve otherwise snapped up homes in the Hamptons are instead looking north to areas like the Catskills and the Hudson Valley.
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