Beautiful Normandy House, right on Lake Agawam, has been languishing on the market for a few years now, a victim of the high-end slowdown. However, one bright spot is that the empty parcel offered separately is now in contract.

A little history: Normandy House is a grand old Southampton mansion by Polhemus & Coffin, who designed many French-style mansions on Long Island, Newport, and in New York in the 1920s. In 2010, it was listed for sale asking $39M. It sat, and sat, and sat. It finally sold in September 2013 for $28M. Then in December 2015, after extensive renovations and redecoration, the property was back on the market for a mere $48M, including 5.57 acres. When the property sold in 2013 it comprised 8.4 acres. The other 2.83 acres, the parcel that just sold with a last ask of $15 million, has been offered separately and together with the house at various prices over the years.

The main house, which is stylishly renovated and includes frontage on Lake Agawam, along with a pool, pool house that’s closer to the water than would be allowed today, and of course the 5.57 acres, is now $32.5 million. Given the price cuts, we figure someone will bite soon, since there’s basically nothing to do.

We’re also interested to see what will be built on the empty lot. Superagent Tim Davis of Corcoran, who’s listed both properties, points out that there’s “Ample room for a large main house, garages, pool, tennis court, pool house and putting green.” While this property doesn’t have lake frontage, of course First Neck Lane is an extremely prestigious address.

For more, click here and here. 408 and 412 First Neck Lane, Southampton