Fashion designer Tory Burch has finally sold her South Hampton waterfront mansion for a discounted price of $11 million. Eleven million might seem like a lot of money, but for a house in such a high profile area, it is considered chump change.
The sale made by the shoe and handbag designer is considered a steep loss as she bought the home from her ex-husband Chris Burch, after their divorce for $22.5 million. According to the New York Post, the house was listed for $16 million, but was sold at such a low price due to extensive flood damage and has been on the market for three years.
The NY Post reported that the deeply discounted selling price is not only a loss for the designer, but it has also made most of her neighbors unhappy, some even worried.
In an area where homes sell for about $30 to $50 million, and big names like David Koch, Calvin Klein, Janna Bullock and Rachel Ray living there, everyone is shocked that she sold it at such a low price. Neighbors are worried that this will affect the market of their own home, if they were to sell it for a much higher price.
"While Tory's house did suffer some serious water damage from burst pipes, and is a tear-down, 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," a source told the NY Post.
The mansion on 2080 Meadow Lane was built in 2000 with six bedrooms and eight bathrooms. The property sits on 4.5 acre and overlooks the dunescapes, the Atlantic Ocean and Shinnecock Bay. The house currently has a pool, but the unknown buyer has plans of reconstructing the property to a 7,100-square-foot home designed by Daniel Romualdez.
Burch is reportedly going through an expensive legal battle with her husband Chris Burch after their divorce in 2006.
