If you're the kind of person who just can't resist a good deal, here's a story that will probably make you feel a twinge of regret. The Wall Street Journal reports that the 11-acre Hamptons property known as Briar Patch, once listed with an asking price of $140 million has been sold at auction – for the relatively paltry sum of just $700,000.
Briar Patch recently hit the auction block where the winning bid was placed by Avenues Global Holdings, a corporate entity which forced the auction in order to satisfy more than $6 million in debt under the name of the property's former owner, education industry entrepreneur Chris Whittle. Whittle told The Wall Street Journal that he'd "had better days" than that of the forced sale, which resulted from financial problems he links to the Covid-19 pandemic:
"When Covid hit, it interrupted schools all over the world…Over the last 18 months, I really had a terrible Sophie's Choice: to support the school or support the home. I chose the school. Today's really the result of that."
Whittle had been trying to sell the home on and off since 2014, when he listed it for the aforementioned $140 million sum. Earlier this year, he listed it again for $95 million – which probably doesn't take too much sting out of seeing it sold for $700,000.
Whatever the price, Briar Patch is an impressive residence, with a main house dating all the way back to 1931. Here's how it's described by the official listing:
"Expansiveness defined by exquisite detail makes up the main residence, with 6 bedrooms, 8 full and 2 half bathrooms, and remarkable living and entertaining spaces. The home was designed to entertain, and its impressive focal point is the spacious living room with double-height, vaulted ceilings, and a magnificent fireplace. Clerestory windows line each side of the room, allowing light to flood the space. The home also features many sets of French doors that lead to patios – ideal for dining al fresco with views of Georgica Pond and the expansive grounds."
Then there's the property's guest house, which would be an improvement over where most people live all on its own, with four bedrooms and four and a half bathrooms, constructed in 1990 to match the early 30s elegance of the main house. And if you don't think it'll make you feel even worse about missing out on such a deep discount, you can take a look at the property in the video below from Bespoke Real Estate: