Libbie Mugrabi’s Hamptons mansion speeds to rare court-ordered auction after failing to sell for $25M
If at first you don’t succeed, try, try — and try again.
Socialite Libbie Mugrabi’s East End mansion is scheduled to be auctioned off on the steps of Southampton Town Hall next month following failed Hail Mary attempts to sell it through a conventional listing — and in the kind of public spectacle the haute classes of the Hamptons really hate.
The court-ordered sale, with bidding starting at $11 million, is set for Aug. 28. It traces its origin to lawsuits stemming from a $3.5 million loan Mugrabi took out on her 486 Middle Line Highway compound and admittedly never paid.
The auction of the 7-acre Bridgehampton compound follows Mugrabi’s failed attempts to get back the loan amount, and much more, by selling the estate for its original May list price of $25 million. Not long after that, the asking price lowered to $19 million after two quick price cuts.