OMG, a Foreclosure on the Swankiest Road in the Hamptons!
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The Fiscal Times
May 13, 2014

Once in a very blue moon, the rich don’t get richer. And when they go under, their extraordinary homes go with them.  This one, in the Hamptons, is about to go on the auction block Bloomberg reported Tuesday.

The mansion is situated on one of the most expensive roads in the Hamptons, a haven on eastern Long Island where Hedge Fund managers mingle with movie stars and directors behind the hedges of some of the most exclusive properties in New York State.

Foreclosed Hamptons

More than $10.5 million is owed on the now the 1.8-acre “homeless estate,” which is situated on Further Lane, near homes of comedian Jerry Seinfeld and hedge fund manager Steven Cohen. It is also adjacent to another mansion that was recently purchased by hedge fund investor Barry Rosenstein for a record $147 million.

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The 8,100-square-foot home was built in 2000 and has eight bedrooms and five full bathrooms. It also has a pool house and of course a gunnite pool to go with it. But that’s not all.  If you like swimming laps, you get your own lap pool and basketball court (well half a court, anyway).

Foreclosure rates increased to 2.76 percent as of the end of 2013, up from 2.48 percent as of the end of 2012. Most foreclosures in the Hamptons have been for less than $5 million, wrote Bloomberg. But nearly two years ago, a mega mansion in Sagaponack went on the auction block as the owner owed more than $7.8 million to the Bank of Smithtown.

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Marine Cole has been covering finance and business for a decade and has written for publications that include The Wall Street Journal, Crain's New York Business, and AdvertisingAge.