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Celebrities have real estate woes, too

Long Island real estate has long been a good investment for celebrities, who've been able to buy and sell beach houses and mansions from the Hamptons to the tony North Shore, scooping up tidy profits in the process.

In this real estate market, however, even celebrities have been forced to slash prices or wait out the downturn, just like everyone else. Consider former New York Met Edgardo...

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