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Krakoffs Getting a Brand-New Bag

Coach president and executive creative director Reed Krakoff and his wife, interior designer Delphine, are bidding their Southampton retreat good-bye. The power couple have put the five-bedroom, five-and-a-half-bath, 4,000-square-foot contemporary house—which they bought in 2002 and overhauled within an inch of its life, landing it on the cover of Elle Décor this past September—on the market for $12 million through their broker, Chip Dineen of Sotheby’s International Realty. The house, located in Southampton’s Estate section, also comes with a renovated pool house (for the heated gunite pool) and a separate greenhouse. The Krakoffs (whose $17 million townhouse on East 70th Street was damaged by fire recently) haven’t found a replacement weekend house yet. A spokesperson for the duo, who are said to enjoy giving their properties makeovers, says, “They’re always on the lookout for new projects.”