Old Greenwich sale, at a loss

Sunken asset

7 Little Cove Road, which sold for $6.250 million in 2012, has closed at $4,649,400. A previous owner also paid $6.5 for this house in 2004, and put it back up for sale in 2010 at $7.695 before finally accepting that same $6.5 million from this seller. 

The home's failure to appreciate should have, perhaps, served as a warning, but he certainly learned his lesson today.