Price cut in the back country

17 Forth Hills Lane

17 Fort Hills Lane (off off Rogues Hill, appropriately enough) sold for $9 million in 2014 and was returned to the market in 2016 at $6.8. Today it took its first price cut, to $5.5 million. It may take more than that: it's been showing its age badly lately. 

Frederich Bourke, the Greenwich resident who was (unfairly, I thought) convicted of violation of the Corrupt Foreign Practices Act in 2009 and sentenced to a year and a day, put it up for sale in 2012 for $15 million, but after his appeals ran out and he reported to prison in May, 2013 he managed to sell it from his jail cell in 2014 for the aforesaid $9 million. That probably seemed like a bargain to this owner, but as always, don't calculate a home's actual worth using its original asking price. What may look like a great discount price is often just as illusory as the first one.