Insane China-Inspired Long Island Compound Lists for $7.9 million
May 27, 2019 - Bridgehampton
Amid a slow market, a Hamptons home with lots of China-inspired features is returning to market for $7.9 million - less than a third of the $28 million it briefly sought six years ago [...]
The grounds, designed by artist Jian Guo Xu, include a 28-foot-wide replica of a 15th-century temple in Beijing with a 40-foot mural painted by a Tibetan artist and a Buddha statue.
Its entrance doors are from the Ming Dynasty and estimated to be 500 years old. There is also a koi pond, a gazebo, a bridge and a sculpture garden.
The 10,000-square-foot main house is decorated with art from China, Japan and Africa, some of which could potentially be included in a sale. It has seven bedrooms, a lower level with a den, an entertainment area and a wine cellar [...]
The property is reappearing during a slump in the Hamptons luxury market. There were 869 luxury homes on the market in the first quarter of 2019, almost triple the number available a year earlier, according to a report by Douglas Elliman.
"This is a classic aspirational pricing story," said appraiser Jonathan Miller. "Certainly we’re seeing some softness in pricing, but no where near what that price cut represents."
"It shows you how wildly overpriced many properties were during that period of peak luxury."
Paul Brennan of Douglas Elliman has the listing.
Source : WSJ - Katherine Clarke
blog, Estate of the Day