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Gatsby House to Become True "Valley of the Ashes" Development

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Yes, yes, we all remember that single green light eerily glowing at the end of the dock—cringing at high school memories?—and now Land's End, the Long Island estate rumored to have inspired Daisy Buchanan's party pad in F. Scott Fizgerald's The Great Gatsby, faces an equally eerie future. After a shaky on-and-off again relationship with the market, the house, on more than 13 acres, was finally listed for $30M in 2009. Now the 25-room Colonial Revival mansion on the tip of Sands Point is set to be razed and turned into Sands Point Village, a glorified development community consisting of five custom homes costing $10M and up. Explains the builder, "The cost to renovate these things is just so overwhelming that people aren't interested in it." Never mind the fact that the place—and Fitzgerald himself—once played host to the likes of Winston Churchill and the Marx Brothers, "the value of the property is the land." Sure, buddy. Demolition is scheduled for later this month.

· 'Gatsby' place joins doomed mansions list [Newsday]
· Sands Point Land's End goes on the market for $30 million [Real LI]