Gin Lane estate takes ‘hefty’ price chop after a month on the market

An estate on Gin Lane has only been on the market for about a month, but it’s already taken a “hefty” price cut, Behind the Hedges reported. The property first listed at $59 million, but is now seeking $49 million, according to the outlet. The 11,000-square foot oceanfront home sits on 1.9 acres of land and has nine bedrooms, seven bathrooms and two half-bathrooms. Amenities include gardens, an “ocean-facing pool,” a “sunken” tennis court, a billiards and bar room, a gym and a home theater. Sotheby’s International Realty’s Harald Grant and Bruce Grant have the listing. [BTH]