That's pretty much land value for two acres on this street, so if you want to get into (what I consider) central Greenwich for under $2 million, here's your chance. A 1960 house, it's been kicking around for over a year now, starting at $2.295 and it's an estate sale, so I'd drive a hard bargain and see what happens.
But it's also a good value as a land purchase. There have been plenty of very large sales on this street, so you can build what you want, with a certain assurance that you're not overbuilding for the neighborhood.
You won't even have to feel too bad about tearing down this "beautifully renovated" house, because that description is just the usual realtor hyperbole. Donate the new dishwasher and refrigerator to Green Demolitions for a tax deduction, and go for it.