Former Andy Warhol Estate Sells for $50 Million in Montauk

Former Andy Warhol Estate Sells for $50 Million in Montauk

It’s official—art collector Adam Lindemann has closed on Eothen, the former oceanfront estate of Pop artist Andy Warhol, in Montauk for $50 million. The deal, which marks the most expensive home sale ever in Montauk, closed on Monday, December 14.

The 5.7-acre property, which neighbors a 300-acre reserve, went into contract with Lindemann in October, just six months after going on the market. Built in the 1930s by the Church family of the Arm & Hammer Baking Soda company, Eothen includes a house, 4 buildable acres with room for pool and tennis, and six cottages. Warhol purchased the property in 1971 and hosted his many famous friends there, including Mick Jagger, Keith Richards, Jacqueline Kennedy Onassis and Elizabeth Taylor, to name a few.

In 2007, Mickey Drexler, the CEO of J. Crew, purchased the property for $27 million and began extensive renovations with architect Thierry Despont. It was listed in June 2015 for $85 million, though that asking price also included a 24-acre equestrian property. Lindemann has purchase only the 5.7-acre estate, while the equestrian property remains on the market, according to Paul Brennan of Douglas Elliman Real Estate, who brokered the deal.

Brennan called Eothen “one of the most unique parcels on the Eastern Seaboard,” noting that because the estate is pre-existing, non-conforming, “You’ll never be able to built it again.”

Lindemann knew Warhol and collects his work, according to The Wall Street Journal, and his move should be easy—he lives just six doors away from Eothen.

BACK TO Real Estate News

 
logo
You must be logged in to vote.
logo