The Real Deal New York

“Money Pit” home hits the market asking $12.5M

The Long Island estate was featured in a 1986 Tom Hanks film
June 15, 2014 09:00AM

A Long Island mansion featured in the 1986 Tom Hanks comedy, “The Money Pit” – appropriately about a nightmare of a fixer-upper – has hit the market asking $12.5 million.

Built in 1898, the eight-bedroom house, located in Lattingtown, N.Y., has been totally renovated, and decorated in Versace-esque style, according to the New York Times.

“It’s now the anti-‘Money Pit,’” listing broker Shawn Elliott of Shawn Elliott Luxury Homes & Estates told the Times. “The home was restored at the highest quality.”

When the film was shot, the home belonged to Eric Ridder, a publisher and a member of the American yachting team that won the gold medal at the 1952 Olympics. In 2002, the 5.4-acre estate sold to current homeowners, Rich and Christina Makowsky, who felt the home was a pit of a money pit.

“We didn’t realize how bad it was,” said Makowsky, a shoe manufacturer and distributor. “The house was falling apart when you went from room to room. We definitely could have done the sequel.” [NYT]Christopher Cameron