Oh boy -- news of a swank Sag Harbor estate becoming a de facto trailer park is just the latest in a line of ominous signs pointing to A Very Recessionary 2009 (and Beyond) in the Hamptons. For a roundup of these summery woes, look no further than Daily Intel. Unflippable beach houses! Art galleries slashing their prices to $25,000! Holdups at gunpoint! (Okay, so that last one's genuinely scary. We'll happily point and laugh at the rich and their topiaries about the other stuff, but when guns are involved, we sober up.)
For a rundown of just how awful everything is for the already-bedraggled elite, head over here.