The owners of a French Chateau-style mansion in Southampton Village are stepping up their efforts to sell the property, and dropped the asking price from $75 million to $65 million.
The 9,200 square foot home at 317 Murray Place sits on an approximately 3 ½ acre ocean-front lot, the Wall Street Journal reported. The stucco home features four bedrooms and includes an elevator, wine cellar, fireplace with mantels and other materials imported from Europe. The zoning allows an expansion of the house by roughly 18,000 square feet, which would make it one of the largest homes in the Hamptons.
The owner, the late John Sullivan, a financial executive, built the property as a family compound in the 1990s. Last summer, the property was being offered with an adjacent five-bedroom house for a combined $100 million. The properties were available individually, with the oceanfront home asking $75 million and the other house asking $35 million. The oceanfront home is now discounted and the other property is now off the market, according to the Journal.
Hamptons luxury properties saw a jump in prices and sales volume in the third quarter in 2016, according to a recent report from Douglas Elliman. The median sales price for Hamptons luxury properties — the top 10 percent of the market — was $6.2 million, a 17 percent rise year-over-year. The report’s author, Jonathan Miller, cautioned the data only represented one quarter and may not necessarily indicate a resurgence of the high-end market. [WSJ] — Miriam Hall