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After failing to sell for $45 million, a Hamptons estate is back on the market for $85 million, nearly double the initial price. The twist: the price now includes a yet-to-be-built, roughly 14,000-square-foot house.

The 7.1-acre East Hampton parcel on Georgica Pond, which contains a five-bedroom house built around 1990, went on the market in 2015 for $45 million, then saw its price cut to $32 million last year before being taken off…