The ill-fated 2006 Hampton Designer Showhouse has finally sold for almost half its original asking price.

The Peter Cook-designed Bridgehampton home, which had been in foreclosure, recently closed for $12 million. The original asking price was $24.5 million.

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Carol Kingston of Saunders & Associates says the new owners are working with a builder and a decorator to complete the 14,000-square-foot house by summer. “It’s been empty, sitting there for four years and unfinished,” says Kingston, who co-listed the property with Gloria Doyle. “They had done some work. There were a lot of loose ends. These people bought it knowing they had to bring it back to life.”

Kingston says her agency got the listing in late January and had not even finished preparing fact sheets and handouts when the property went into contract two weeks later. (Saunders had the listing from November 2008 to January 2009, but lost it after a legal fight ensued between investors in the property, says Andrew Saunders, who owns the firm.) The closing was March 18. “It was the fastest closing I’ve ever been involved with,” says Kingston. The last list price was $13.9 million.

The selling agents were Andy Volet and Michelle Tiberio of The Corcoran Group, which had the listing for a few months in 2009. “It was a challenging listing from the very beginning,” says Mary Slattery, who had been Corcoran’s listing agent for the property. “Most of the time when I had this listing, work was being done. It’s hard to sell a property over $10 million when the house is unfinished.”

 

Corcoran Group photo