Keith Girard
Christie Brinkley’s Hamptons estate ‘Tower Hill’ is back on the market for the fifth time in a burgeoning real estate slump. (Improper Photo Composite)
The sprawling mansion on 20 acres is called “Tower Hill” for a distinctive tower that looms over the main house.
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It’s definitely a trophy property. The problem is shrinking Wall Street bonuses over the past year have limited the number of big game hunters in the Hamptons market.
Sales fell 21 percent during the second quarter this year to 561 homes, down from 706 sales in the same period last year, according a survey by Douglas Elliman Real Estate, which is listing the Brinkley house.
Christie Brinkley Crib Hits Market
(Click Photos to Enlarge!)
The average sale price also declined by 0.3 percent to $1.68 million, says the survey, conducted jointly with Miller Samuel Real Estate Appraisers & Consultants.
As a result, some market watchers say the Hamptons is in an outright slump; others say the area is simply returning to normal after three heady years (2013-2015) of rapidly rising prices.
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“Those three years were an anomaly,” Miller Samuel President and CEO Jonathan Miller, told CNBC. “Even though we are down from those levels, we are still above long-term sales norms.”
In two other troubling market trends, the supply of luxury homes is up 12 percent to 14 months from 12 months. The top 10 percent of the market has been hit the hardest, according to Miller.
Of course, if a buyer is capable of shelling out $30 million for a summer home, they probably aren’t bothered by market trends or Wall Street payouts.
Related: Christie Brinkley, Ex-Peter Cook Still at War After 2008 Divorce
That may weigh in Brinkley’s favor. Tower Hill is definitely a signature property for someone who truly wants to make the scene. To call it “picture perfect” would be an understatement.
The compound, totaling 11,000-square-feet of living space, has nine bedrooms, seven-full bathrooms and four half baths.
The 8400-squre-foot main house was built in the 1890s. It has four bedrooms and five baths.
A wood-paneled, double height great room, separate living and family rooms, a paneled dining room and an oversized country kitchen make up the main floor. The house also has a sun room and gym.
Oh… and there’s that 50-foot observation tower, where it’s possible to see from the Atlantic Ocean to the Long Island Sound up five flights of stairs.
A guesthouse has four more bedrooms and two and a half baths, an all-glass greenhouse conservatory with a separate barn/art studio and a four-car heated garage.
The surrounding property is meticulously landscaped, featuring a pool, spa, multi-level stone terraces and gardens. A tennis court is also nestled in the mostly wooded property, but you need a golf cart to get to it.
Brinkley, 62, a supermodel who has appeared three times on the cover of the Sports Illustrated swimsuit issue, is a major player in East End real estate. Some reports say she owns more than a dozen homes.
She actually created Tower Hill out of two adjacent properties, which she bought in 1996 and 1998 for $2.7 million, according to media reports at the time.
It’s unknown how much she spent on renovations and additions, but likely it was double the purchase price, if not more. (see photos)
Beyond that, the house has had a star-crossed history.
She tried unsuccessfully to sell it in 2002 and again in 2006 for $26.5 million. The home became mired in her messy, high-profile divorce from Architect Peter Cook and hit the market again in 2007 without finding a buyer.
It was last listed and withdrawn in 2010 at the current asking price of $29.5 million.
Now that her children are grown, Brinkley reportedly wants to down-scale to a 4.44-acre, bay-front property in Sag Harbor.
It has a 5,500-square-foot house described as a 19th-century Greek Revival captain’s house. She also bought the house next door for a reported $11 million.
Like we said, Christie is a major player in East End real estate.
Check out the photos of Tower Hill. Some of the information in this article was provided by TopTenRealEstate Deals.
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