Designer Tory Burch’s old Meadow Lane neighbours in the Hamptons are absolutely furious with the fashion mogul, according to The New York Post.Earlier this month, Burch unloaded her Hamptons estate, which she bought from her ex-husband in 2008, for $11 million. She originally bought the place for $22.5 million.
Now, neighbours are afraid the sale is going to severely damage market value on the street.
Meadow Lane’s residents are no stranger to the spotlight. They include David Koch, Calvin Klein, Leon Black, Ambassador Clifford Sobel, and Rachael Ray. Their homes range in value from $30 to $50 million, according to The Post.
An anonymous source told The Post, “it has sparked a lot of worry if this will affect the market and their own homes, but also a lot of speculation as to why she sold it off so cheaply.”
The home sits on 4.5 acres, has six bedrooms, and eight bathrooms, but is considered a tear-down after some water damage it suffered.
The home reportedly sold to a mystery buyer who plans on building a 7,100-square-foot home designed by Daniel Romualdez.
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