The town of East Hampton, playground of the rich and pampered, is broke.
How broke? Well, the town is likely to end the year with a $12 million deficit - and in recent weeks, it had only $900 in its bank account and barely made its payroll.
The dire straits have raised the specter of a property-tax hike...
The town of East Hampton consists of six municipalities - including East Hampton village, Amagansett and Montauk - and Sag Harbor, which it shares with the town of Southampton.
It's the summer and weekend playground of P. Diddy, Jerry Seinfeld, Ron Perelman, Steven Spielberg, Julian Schnabel and Candice Bergen, where homes rarely sell for under $1 million.
With a tax base like that, it's a surprise the town is in trouble.
For example, Seinfeld paid nearly $190,000 in property taxes in 2006, according to records.