After $20.1M price chop, China-themed Bridgehampton home hits market again

The owner of a China-inspired home in Bridgehampton has brought it back to the market, but only after hacking a whopping $20.1 million off the $28 million that it had initially sought when coming to marketin 2013, the Wall Street Journal reported. Stanley and Susan Reifer picked up the empty five-acre property at 5 Paumanok Road in 2002 for $450,000 and built the Sino-style home. They purchased 500-year-old Ming Dynasty doors for its entrance. Artist Jian Guo Xu designed the property’s grounds, which hold a replica of a 15th-century templein Beijing that has a 40-foot mural by a Tibetan artist. The 8,378-square-foot home has seven bedrooms, seven bathrooms, five half-bathrooms, a library and a wine cellar. Outside, there’s a two-level pool and spa, a tea house, a bamboo garden, curved bridges, a moon gate, meditating gardens and other features. Douglas Elliman’s Paul Brennan, No. 8 on The Real Deal‘s current ranking of top Hamptons brokers, has the listing. The Reifers never got any offers when they put the property on the market six years ago so they removed the listing in 2014. “It was such a different period and we thought that prices looked to be close to the peak,” the Reifers’ son, Jeremy, told the Journal. “We have a much more realistic view of the market now.” The Reifers passed the home to their son, who now owns the property through a trust set up by his father. The residential sales market that Jeremy Reifer is now seeking to sell the home in, however, is one where sellers and buyers are increasingly unable to find common ground. [WSJ]