The couple - who bought the house just eighteen months ago for £1,700,000 - say the value has plummeted, along with their garden, to an estimated £1,100,000.
Even worse, they now face a huge bill to stabilise the cliff beneath the house so their precarious home won't disappear all together.
What amazes me is why they bought the property in the first place.
Yes, it has panoramic views of one of Britain's most picturesque coasts - but I was surprised to learn this isn't the first time it’s happened.
In fact, back in 2007 there was another landslide "the length of two double-decker buses" according to previous owner Nickolas Skilton.
After the collapse, he said he wasn't concerned as the house itself was built on solid rock - that's a relief then.
However, he still put the house on the market and sold it to the current owners in 2009.
You may wonder how this property in such an unstable position could ever be built - I know I did.
Well, according to a spokesman for Teignbridge council, full planning consent was given for the four bedroom property back in 2005 which, at the moment, includes a glass spiral staircase and indoor pool.
You will be pleased to hear that since the landslide the owners have taken the precaution of putting up metal safety grills in what remains of the garden - I suppose that will stop anyone falling over the edge as long as the house stays where it is.
The neighbours were quoted saying; "As far as we know the new owners were aware of this [the 2007 landslide] when they bought it. Maybe they value sea views more than a garden."
Let’s hope so - because that's all they'll have left if their house disappears into the ocean.
I’ve sold a lot of ocean view property over the past 20 years, but I’d never dream of recommending a property with this history.
Now be honest - would you buy it?
I'm curious to find out...
Simply leave your comments on our blog... http://blog.oceanvillasgroup.com/
Ocean Villas Group - http://www.oceanvillasgroup.com
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