Tory Burch’s Hamptons Mansion Sells at Deep Discount | Chappaqua Real Estate

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Eleven million may sound like a lot of money, but for a South Hampton waterfront mansion, it’s spare change.

Tory Burch’s home has finally sold after a series of price cuts, and it represents a steep loss: The apparel, shoe and handbag designer bought the home in the wake of her divorce for $22.5 million.

The deeply discounted selling price not only hurts Burch, but according to the NY Post, it hasn’t made some of her neighbors too happy either. The waterfront estate is located at 2080 Meadow Ln, Southhampton, NY 11968, a prestigious area that is home to big names like David Koch, Calvin Klein, Janna Bullock and Rachael Ray.

A source told the New York Post:

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.”

The home did have water damage from burst pipes, and Curbed called the home a “tear-down,” but $11 million for the property, in an area where homes sell for $30 to $50 million, still has the neighbors concerned.