Neighbors fear Tory Burch’s Southampton sale could devalue nearby homes

TRD New York /
Oct.October 12, 2012 11:00 AM

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]


Related Articles

arrow_forward_ios
Robert Futterman charged with DUI in Hamptons car crash

Robert Futterman charged with DUI in Hamptons car crash

From left: 263 Surfside Drive and Ivan Kaufman with 901 and 939 Scuttle Hole Road (Credit: VHT Studios, Arbor)

The 10 priciest Hamptons home sales of 2019

Clockwise from top left: Andrew Saunders of Saunders & Associates, Cia Comnas of Brown Harris Stevens, Nanette Hansen of Sothebys, Ernie Cervi of Corcoran, Marty Gleason of Corcoran, Ed Reale of Sothebys, Robert Nelson of Brown Harris Stevens and Theresa Quigley of Saunders & Associates

Take that, Zillow: Hamptons firms’ listings site goes live this week

Southampton home once owned by Mel Brooks and Anne Bancroft sells

Southampton home once owned by Mel Brooks and Anne Bancroft sells

Tri-State Promo

TRD’s Fall Tri-state issue drops soon!

Cee Scott Brown and Jack Pearson

A top Corcoran team in the Hamptons bolts for Compass

Harry Macklowe (Credit: Getty Images)

Macklowe’s brazen Hamptons act recalls Times Square scandal

Andrew Saunders and Jeff Colle (Credit: Hampton's Real Estate, Facebook, and iStock)

Real estate bigwigs get into fistfight at Hamptons hotspot

arrow_forward_ios
Loading...