Water Mill Home Goes to Auction with a Lien of “Just” $2.6M

A two-story, 6,600 sq ft home in northwest Water Mill is scheduled for auction on August 25^th 11:15 PM, at the Southampton Town Hall, with a mortgage lien of $2.6M.

Even the exclusive Hamptons community occasionally opens up a back door for new residents to enjoy its lifestyle. For the more budget-minded real estate shopper, a perfectly timed foreclosure auction just might be that rare opportunity. One such home in the lovely low-key Water Mill community is coming up for auction on August 25^th, having a mortgage lien of $2.6M and a more than generous 6,600 square feet to live in.

Current listings on the market with similar square footage and in close vicinity are asking more than double the amount, between $5M and $6M. Although information on interior design and appliances is unavailable for a clearer comparison, the starting bid on this auction would still likely represent a massive discount on the property’s real value.

The two-story property is located on the north-western outskirts of Water Mill’s 11976 zip code, the 13^th most expensive zip code in all 50 States and one that Jennifer Lopez, among other celebrities, calls home.

Like most homes in the Hamptons, it sits on a far-reaching lot – more than 4 acres – and counts 2 kitchens, 5 bedrooms, 6 baths, a pool and a fireplace.

Built in 2002, this is the first time the property has been scheduled for auction. However, it has gone into Lis Pendens 6 years prior for a mortgage lien of $2M, lien that plaintiff JP Morgan Chase Bank is now resolute to reclaim.