Trailer home worth $1.2 million

When is a one-bedroom, one-bathroom trailer home worth $1.2 million dollars..?

When it's in the Hamptons on New York's Long Island.

Yahoo Homes says Richard Lester paid just $300 for the land in 1956 and $15,000 for the trailer.

He now stands to make about an 8,000-percent increase on his money!

His land is only a mile away from Indian Wells, one of the Hamptons most popular beaches.