03/23/2009 05:12 am ET Updated May 25, 2011

The Hamptons: Real Estate Selling At Deep Discounts

At first glance it's a gated mansion worthy of a Gilded Age: more than 14,000 square feet with eight bedrooms, 9.5 bathrooms, five fireplaces, a pool, a pond, a tennis court and ocean views all nestled amid fields perfect for lavish summer parties.

Built on spec, this property was offered for sale in 2006 for $24.95 million. Today? Try $12.95 million -- and even that lower price hasn't yet lured a buyer.

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