Simmons Hamptons pad sells at steep cut

Baby Phat clothing line executive Kimora Lee Simmons just took a hit out east. Her East Hampton home, which had an original asking price of $800,000, just sold for $650,000. Simmons, who’s been looking to shuffle some real estate around over in the New York-New Jersey region, had originally bought the home for $690,000. But while Simmons might be hurting in her transaction, a recent ranking shows that the overall Hamptons market may be making a comeback for second home buyers.