Andy Warhol’s former estate overlooking the ocean at the very tip of the Hamptons in Montauk just sold for $50 million, an impressive sum for the traditionally quaint fishing village.
The compound, which was sold by J.Crew CEO Mickey Drexler, was bought by art gallery owner Adam Lindemann, according to the Wall Street Journal. Lindemann owns the gallery Venus Over Manhattan, which has shown works by well known artists like Alexander Calder and William Copley. The $50 million price tag is believed to be a record for Montauk, said Paul Brennan of Douglas Elliman Real Estate.
Drexler originally bought the estate in 2007 for $27.5 million, according to real estate records. Warhol, in comparison, got the property for a steal. He paid about $220,000 in the early 1970s–or about $1.2 million in today’s dollars.
The 1930s-era Montauk compound is called “Eothen,” meaning “from the east,” and features six historic cottages, a swimming pool, and a tennis court amid the 5.7-acre property. It was originally owned by the Churches, better known as the Arm & Hammer family and the namesake of the Church & Dwight Company (CHD). Over the years, a number of celebrities graced the compound, including the Rolling Stones, John Lennon, Jacqueline Kennedy Onassis, and Elizabeth Taylor.