A Hamptons mansion on a 58-acre estate just sold for more than 50% off, and it’s a sign of the area’s flailing luxury real-estate market

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• An 8-bedroom mansion on a 58-acre estate in the Hamptons just sold for more than 50% off, The New York Post reported.
• The Bridgehampton property, called Three Ponds Farm, includes a 25,000-square-foot main residence, a 75-foot pool and pool pavilion, a grass tennis court, and a private 18-hole golf course.
• The estate was originally asking $75 million in 2003 and has now gone into contract for about $35 million — a $40 million price chop.
• The buyer is reportedly Arbor Realty Trust CEO Ivan Kaufman, according to the Post.
• News of the heavily discounted sale comes at a grim time for the luxury real-estate market in the Hamptons.
• Visit Business Insider’s homepage for more stories.

A mansion that sits on a 58-acre estate in the Hamptons just sold for more than 50% off, the New York Post reported.

The property in Bridgehampton, called Three Ponds Farm, went into contract for about $35 million — $40 million less than its original 2003 asking price of $75 million.

In addition to the eight-bedroom, 25,000-square-foot main residence, the estate includes a 75-foot pool, pool pavilion, grass tennis court, an 18-hole golf course, and a clubhouse. The buyer is reportedly Arbor Realty Trust CEO Ivan Kaufman, according to the Post.

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Three Ponds Farm is not the only Hamptons mansion to get a massive price chop lately. The 42-acre Jule Pond estate in Southampton recently got a $30 million discount, now asking $145 million instead of $175 million.

News of the heavily discounted Three Ponds Farm sale comes at a rather grim time for the luxury real-estate market in the Hamptons.

Read more: Trump’s tax overhaul is taking a serious toll on the Hamptons real-estate market

The New York Times reported earlier this month that home prices are plummeting in the favored summertime playground of New York City’s wealthiest residents. The median sale price of a Hamptons home has fallen to a seven-year low of $860,000, according to a report from Douglas Elliman Real Estate.

The real-estate slump can be linked to President Trump’s 2016 federal tax reform, which makes it more expensive to own luxury homes.

And more and more buyers who might’ve otherwise snapped up homes in the Hamptons are instead looking north to areas like the Catskills and the Hudson Valley.

NOW WATCH: See inside the $2.8 million ‘Flintstones’ house in California that sparked a viral following and a lawsuit

See Also:

• An unnamed Saudi buyer spent $52.2 million on a 20,000-square-foot Los Angeles mansion and a neighboring house for his staff. Take a look inside the compound.
• The Beverly Hills estate that Jennifer Aniston and Brad Pitt spent 3 years renovating before their divorce is for sale for $49 million. Here’s a look inside the 4-bedroom home.
• The most expensive home for sale in Paris is a massive $280 million mansion right next to the Eiffel Tower, and it’s owned by 2 mysterious sisters of ‘a rich French dynasty’

SEE ALSO: Ralph Lauren just bought a charming Hamptons home for $16 million. Here’s a look inside the 4-bedroom house — and its 200 feet of oceanfront.

DON’T MISS: An unnamed Saudi buyer spent $52.2 million on a 20,000-square-foot Los Angeles mansion and a neighboring house for his staff. Take a look inside the compound.

Source: Business Insider – kwarren@businessinsider.com (Katie Warren)