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Location: Old Saybrook, Conn.
The Skinny: Set on a private lot, bordered on both sides by water, Katharine Hepburn's Connecticut estate offers riveting views from nearly every room, but that proximity to the water hasn't always been such a great idea. In 1938, a hurricane lifted a previous house on the property off its foundation, with Hepburn and her family barely escaping. The stone breakwaters should help stave off another flood, but spending $28M on such a low-lying, vulnerable property would be a special sort of insanity. That said, the house is mighty impressive, with six bedrooms, seven baths, and 8,400 square feet.
· Katherine Hepburn Former Estate [Sotheby's]