Playgrounds of Rich and Famous Hit the Skids

(USER SUBMITTED) - And you thought she was just a pretty face. Ex-supermodel Christie Brinkley is offering for sale one of her several Hamptons homes—for the low, low price of $15.75 million. Located in North Haven, NY, near Sag Harbor, it was built in 1843 and features 5500 square feet, 4.5 acres, and 327 feet of waterfront. Brinkley had another of her Hampton homes on the market a few years back for $30 million, complaining to a Wall Street Journal reporter that, “Nobody came to see it, not one potential buyer.” More»

New 'mortgage to lease' program kicks off in test markets

(NEWSER) - Falling behind on your Bank of America mortgage? Well, what would you say if the bank offered to take your house, but let you rent it for a while? That's the idea behind a new "Mortgage to Lease" pilot program that BofA is rolling out in select markets in Arizona, Nevada, and New York. Participants will hand the title of their home over to the bank, which will forgive their outstanding debt and lease it to them for up to three years at or below market rates, the AP explains. More»

Wave goodbye to conspicuous consumption in the playground of decadence

(NEWSER) - Keeping up with the Joneses means downplaying wealth in the Hamptons this summer, Allen Salkin writes in the New York Times. Conspicuous consumption is out, conspicuous thrift is in as Hamptonites try very hard to match the economic malaise in the rest of the country. “Low-key” and “beachy” are the buzzwords, but make no mistake: Vacationers still pay top-dollar. More»

Paparazzo and cops say he left before Madge's horse dumped her

(NEWSER) - A photographer Madonna blames for a weekend tumble off her horse in the Hamptons claims he had nothing to do with the accident—and local cops back his version, reports the New York Daily News. A spokeswoman claims Madonna was thrown when her horse was startled by a paparazzo, but he says he was shooting before she fell, then left because he had no vantage point. He returned when he heard about the accident, says he. More»

States where property prices spiked during boom now seeing highest foreclosure rates

(NEWSER) - Foreclosures rocketed 81% in the US during 2008, affecting one of every 54 households in the nation, reports Reuters. A total of 3.2 million foreclosures were filed, according to research firm Realtytrac. The hardest-hit states were Nevada, Florida, Arizona, and California, the same states where property prices surged the highest during the property boom. More»