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Martha Stewart's Blue Light Special

Oct. 27 2008, Published 7:07 a.m. ET

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COLD TURKEY: Martha's house We hear Martha Stewart is having some trouble unloading Turkey Hill, her three-bedroom farmhouse in Westport, CT, that's been on the market since May for $8.9 million. "They overestimated the demand and have quietly dropped the price to $8.5 million," says a local real estate insider. Asked about the discount, William Raveis broker Susan Warburg said that while it's never officially been listed at $8.5, "the sale price is negotiable and more than likely it will sell for less than $9 million.

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Even so, Stewart still stands to make a tidy profit. Martha and her ex-husband, Andy, paid $80,750 for the property in 1971. The four-acre compound includes the renovated 1805 farmhouse, a converted carriage house, a barn used for entertaining, a heated pool, formal English gardens, and an apple orchard. Plus, it's got history! Stewart launched her first catering company from the farm's musty basement in 1981. She reportedly wants to make her 153-acre spread in Katonah, NY, her primary residence, splitting the rest of her time between her 62-acre estate in Seal Harbor, ME, her one-bedroom pied-a-terre on Manhattan's Fifth Avenue, and a tastefully weathered pile in East Hampton.

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