You didn't mention how long this property was on the market. You need to speak to your Realtor to help you determine your answer. You need to review the comparables for the residence and determine where this residence falls. Is it priced in the higher 1/3 price range, in the middle or is it priced competitively? You need to know the average days on market for luxury real estate - for your particular market.
You also didn't mention your motivation in selling. Do you need to sell it right away or are you willing to let the property stay on the market?
Did you interview multiple Realtors prior to putting this property on the market or did you hire the first one that was referred to you? What does your marketing plan encompass? Is it being marketed well?
There are a lot of unanswered questions. It's difficult to determine - over the internet - whether if it's a simple problem of having an over-priced property. It's also an oversimplification to say, "It comes down to price, pitch and product". You also need to know more about your market and you need to determine your motivation in selling.
As a parting comment, I will state that the market for luxury real estate is smaller, the buyers are fewer, and therefore it may take some patience in selling this residence. However, bonus season on Wall Street is upon us, so more buyers may come back on the market.
I've attached a link which I hope can provide you some information. You can also do a search on the real deal and type "Hampton real estate" or whatever search term you feel is relevant.