A lavish estate used for the exterior shots of the 1986 comedy Money Pit, starring Tom Hanks and Shelly Long, has finally sold after sitting on the market for five years. The movie, about a nightmare home where everything that can go wrong will, seemed to have been prophetic as the Long Island mansion was finally sold last week, at a loss.
The 14,000 square-foot home was originally listed in June 2014 for $12.5 million. The sellers lowered the asking price and the property sold for $3.5 million last month. The home was renovated at a cost of $5.9 million.
The identity of the buyer remains unknown, but they are expected to be met with better conditions than Hanks and Long did in the cult-classic comedy. In the film, the home literally collapses under their feet.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.125 percent.
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