Hamptons Mansions Will Not Be Spared

Yet further evidence that the mortgage meltdown is affecting the highest ends of the Hamptons real estate market: This 18,000-square-foot mansion in Bridgehampton, which went into foreclosure late last year and was initially placed on the market for $27 million, is now available for the bargain basement price of "just $19.95 million." The 8-bedroom, 9 1/2-bath manse went into foreclosure late last year. Now desperate measures have been taken to unload the property (including this rather desperate video pitch). But it's only one of 120 Hamptons homes that have gone into foreclosure since the beginning of 2008. Maybe part of the problem with this home, though, has something to do with its amenities. The previous owners put in "a flower-cutting room" so it's entirely possible a foreclosure was just divine retribution of sorts.
