Fashion designer Tory Burch sold her Southampton home for $11 million.
Designer Tory Burch sure knows her way around the runway, but it doesn't seem like she's too well-versed in the world of real estate. Curbed reports that the designer and philanthropist recently unloaded her Southampton property after chopping the price numerous times until the asking price was about half of what she bought the home for.
Burch originally bought the pad from her ex-husband for $22.5 million following their divorce. The property, which boasts 200 feet of white sand coastal frontage, includes six bedrooms and eight bathrooms. With an idyllic oceanfront location, panoramic views, a swimming pool, and even approved plans to build a 7,100-square-foot beach house, Burch's home still sat untouched on the market, even after the designer chopped the price to $11 million. Yikes!
A major deterrent in Burch's quest to unload the pad is the annual $81,500 tax paid on the property according to public records, as well as the fact that the home reportedly suffered severe water damage after some pipes burst. Despite the yet-to-be-disclosed sale price, we're guessing Burch is happy to wash her hands of this property.