Deleveraging In Greenwich

Was it that long ago that experts said the high-end real estate market still looked healthy?

In Greenwich, Connecticut, hedge-funders are pulling out or cutting back. Result: a mansion glut. The asking price for the Helmsley place has dropped $50 million in a year.

Shown below: Mel Gibson's Greenwich estate, where sheep graze. It can now be yours for $29.5 million, down from $39.5 million.