I
n a dramatic shift, the Southampton estate once cherished by the late Atlantic Records co-founder Ahmet Ertegun and his wife Mica has undergone a significant price reduction. The 11,000-square-foot Hamptons property, nestled on 5.5 acres with 450 feet of Taylor Creek frontage, has dropped from $52 million to $34 million - a nearly 35% slash.

    Built by the Erteguns themselves 35 years ago, this East End retreat is now poised for a new chapter. The couple's legacy lives on through their stunning estate, which boasts 10 bedrooms, 13.5 bathrooms, and striking design elements like a pyramid-vaulted living room ceiling and a Palladian-inspired layout.

    As the property has lingered on the market, brokers have adjusted to the changing landscape of buyer expectations. "People want modern amenities without sacrificing character," says Tim Davis of Corcoran, one of the listing agents. With several interested parties already in the mix, including an individual eyeing potential upgrades, the home's future is looking bright.

    The Erteguns' worldly décor, which once filled this residence and their other properties around the world, was the focus of a highly anticipated Christie's auction last year. The sale of 636 lots - artworks, antique furniture, and china - brought in an astonishing $191.61 million, with some pieces selling for record-breaking prices.

    Now, as the mansion sits vacant following the auction, its contents stripped away, proceeds from both the sale and charity are set to benefit from this significant price reduction. With a new owner on the horizon, the estate's storied past and grandeur await a fresh interpretation.