Well that didn't work out so well

31 Khakum Wood Road, which sold in a bidding war in 2007 for $7 million, has just closed, after four years on the market, for $4,010,000.

Have I mentioned here before that bidding wars are usually a suckers' game?

UPDATE FROM FWIW'S SECRET UNDERCOVER CORRESPONDENT: next-door neighbor to this property is real estate agent Sabine Schoenberg, the lady who conned dumb-as-a-brick Tesei et als to fund a Greenwich real estate marketing plan.

Hmm.