Former Lehman Brothers chief selling Bridgehampton home
November 19, 2010 - New York
By Juliet Chung from The Wall Street Journal Asia
Former Lehman Brothers Holdings Inc. President Joe Gregory has put back on the market his Bridgehampton manse for $25 million-23% lower than his original $32.5 million asking price in summer 2008.
Mr. Gregory bought the 9,500-square-foot oceanfront home for $19 million in January 2007.
The eight-bedroom house sits on 2.5 acres and has 200 feet of ocean frontage. There's also a swimming pool. It was last priced at $27.9 million.
The re-listing of the shingled summer home continues Mr. Gregory's sale of assets since Lehman's bankruptcy.
He sold off the helicopter he used to commute from his home in Huntington, a person familiar with the matter said in the fall of 2008, and last year sold off vacation property in Manchester, Vt. Mr. Gregory resigned from his post in June 2008, after more than 40 years there, as the firm faced a credibility crisis.
His new broker Beate Moore of Sotheby's International Realty said Friday that she believed cautiousness about the economy hindered the home's sale previously, but the mood has changed.
"When people practice abstinence for some time, they're very happy when they can spend again," she said.
Brown Harris Stevens broker Andrea Ackerman, who attended an open house at the home Friday, said the home's ocean views were hard to match and that the owners had invested significantly in the home since they bought it in 2007.
A small parking area with access to the beach is located nearby, she said, but added she believes the current asking price-"a realistic starting point"-reflects its proximity.
This article has been republished from Wall Street Journal
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