Good money after bad

The owners of 230 Taconic Road paid $8.750 million for it in 2006 and tried to resell it in 2019 for $9.5. When that didn’t work, they pulled it from the market, renovated it, and put it back up for sale in January 2023 for $11.475. Today it was marked down to $8.850.

And in a totally-unrelated story, this:

‘Money Pit’ movie mansion finally sells for enormous discount

The Long Island mansion from the 1986 flick “The Money Pit” has become a real-life money pit.

This Nassau County home — which played the role of a falling-apart Gilded Age property that Walter (Tom Hanks) and Anna (Shelley Long) buy for a suspicious bargain — has sold for $3.5 million after five years on the market. That’s 76 percent less than its original 2014 asking price of $12.5 million.

Sellers Rich and Christina Makowsky invested $5.9 million in renovations after buying the North Shore spread for $2.12 million in 2002, according to Fox Business.

Realtor.com shows a lengthy pricing history for the listing, in the village of Lattingtown near Locust Valley. From the $12.5 million price tag five years ago, the eight-bedroom property underwent about seven price chops before landing on its most recent $4.5 million asking price.

The new owner of the 5.5-acre spread, who couldn’t be fully identified, is a Long Island resident, reports Newsday, adding the purchase had nothing to do with the home’s Hollywood history. The home was only used for exterior shots in the film. As is typical in television series and movies, interior shots took place on a sound stage.

But in reality, as in the movie, the place was in need of some work.

After their purchase in 2002, the Makowskys added new appliances, a pool house and 9-foot gates at the entrance. They also installed a cedar roof and upgraded the plumbing. The facelift took more than a year. Other features of the spruced-up house: a roomy chef’s kitchen with a mahogany center island and a media room with a refrigerated wine wall.

Just sayin’.