Photos: $1.2 million Hamptons trailer

The rundown trailer is on about a third of an acre in the Hamptons -- land that cost the owner $300 when he bought it in 1956. Click here to read more about it on Yahoo Homes.

Related on Yahoo Homes:

Rich Hamptonites slum it in trailer parks so they can rent out their mansions
9 totally amazing mobile home makeovers (19 before-and-after pictures)
A luxe triple-wide for nearly $4 million