Since clothing designer Tory Burch sold her Meadow Lane mansion at a loss this fall, some of her Southampton neighbors have worried that the $11 million sales price would lower the value of their own nearby properties.
An unnamed source told the New York Post that, despite the water damage Burch’s home had sustained from broken pipes, “everyone in the neighborhood is staggered that she sold it at such a low price. 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.”
Tory Burch declined to offer the Post a comment.
The sale of the 4.5-acre East End property was reported last week — and the buyer is apparently planning to tear down the home, and build a 7,100-square-foot house on the lot. Burch had paid her ex husband $22.5 for the property when they divorced in 2006, so the sales price represents a major loss. [Post]