A two-parcel compound in East Hampton, New York, that was listed for $85 million earlier this year, has returned to the market for under $30 million, as plans for a new mansion as part of the sale have been scrapped.
The seven-acre estate was first listed with the same configuration for $45 million in 2015. The price dropped to $32 million in 2016: $21 million for the 3.5-acre parcel with a five-bedroom house on it, and $11 million for the vacant, 3.6-acre lot, according to listing records.
Failing to find a buyer with the $13-million price cut, the compound was then offered in April 2017 for $85 million, including plans for a mansion designed by Steven Gambrel and built by developer Jeffrey Collé, The Wall Street Journal reported.
However, this strategy didn’t work, either. The estate was relisted as is last weekend for $29.495 million, according to the listing with Compass.
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The two parcels perched above Georgica Cove and the Atlantic Ocean can still be purchased separately, with the vacant lot with nearly 500 feet of water frontage asking $9.995 million and the other one, with a two-story house built on it, asking $19.5 million.
Built in 1990, the 6,118-square-foot residence has five bedrooms, four full bathrooms and one half bathroom, a great room, a library/den, a home office and three fireplaces. It also comes with a heated pool and 450-foot water frontage.
The property was the longtime home of late investment banker Carl Tiedemann II, founder of Tiedemann Investment Group, one of the longest-standing hedge funds. He died in 2016 at 89. His estate is selling the property.
The property features beams from an English barn built in the 1500s, which the late Mr. Tiedemann bought in the 1980s, one of his sons Michael Tiedemann told The Wall Street Journal.
Listing agent Lori Schiaffino of Compass wasn’t immediately available for comment.