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.

Kimora Lee Simmons and the Saddle River home

After a second, $3.3 million price reduction, Kimora Lee Simmons’ Saddle River, NJ, home is on the market for $16.5 million. The Baby Phat designer and ex-wife of Russell Simmons is reportedly looking to acquire a Manhattan residence once she sells the 35,000-square-foot, 10-bedroom mansion, set on four acres with a movie theater, indoor and outdoor pools, and three kitchens. The master suite alone is 2,000 square feet. When the home first hit the market last year, it was listed at $23 million. It was then taken off the market and later re-listed at $19.8 million before the most recent price cut. Stephanie Rosken of Prominent Properties Sotheby’s International Realty has the listing. [Post, 1st item]