Hirtenstein expands real estate holdings with contract for discounted Montauk estate

February 07, 2013 01:30PM

Tech and nightlife mogul Michael Hirtenstein is now in contract to purchase a four-acre plot on Montauk’s “millionaire row,” the New York Post reported. The deal reportedly ticks in at $13 million for the property that contains a 5,000-square-foot home and a 2,400-square-foot guest house.

Philanthropists Kenneth and Jeanne Levy Church, who were victims of the Bernie Madoff Ponzi scheme, owned the property. The purchase price is a significant discount from the 2007 asking price of $35 million, then cut to $25 million, then down to $19.9 million. The main house has four bedrooms, six bathrooms, a pool and 300 feet of oceanfront space.

Hirtenstein is also getting hooked up with $1 million worth of mid-century furniture pieces and a Crestron audio visual system.

In 2007, Hirtenstein sold his Time Warner Center penthouse for $27 million, as The Real Deal previously reported. [NYP, 2nd item] —Zachary Kussin