Have you ever wanted to vaction in the Hamptons but just didn’t have the cash on hand to rent or buy a mansion there? It seems you are not alone. With the economy having gone sour some time ago, it seems there is getting to be a bit of a glut of mansions for sale these days. Some have even been reduced in price. Some examples, from the Georgica Pond area (near East Hampton), tell this sad tale of economic hardship.

One 12,000 square foot home has been on the market, off and on, for over a year. Its original asking price of 40 million has been cut to – are you ready for this? – 39.5 million. Boy what a deal. There is a 110 seat movie theater (so you can invite just your closest friends?) and it even comes with a two bedroom guest house. Numerous famous folk have rented this house and stayed her in the past, including Kevin Kostner, Jay Z and Madonna.

Looking for something a little cheaper? How about 13.5 million for a 5 bed, 3 bath place that has 250 feet of shoreline and a nice pool. I know I am ready to move right in and get my summer started right. Even so, maybe if I wait it will come down in price. The property has been on the market since January.