The Real Deal New York

Andy Warhol’s former Montauk estate sells for $50M

An art gallery owner bought the six-acre estate from the J.Crew CEO
December 17, 2015 10:01AM

Cottages overlooking the ocean on this sprawling Long Island estate served as Andy Warhol’s favorite fishing escape.

Nah, just kidding. A bunch of rich and famous people visited the artist here.

And now the Warhol relic has again changed hands: The artist’s former Montauk estate sold this week for $50 million, the Wall Street Journal reported. Adam Lindemann, founder of the gallery Venus Over Manhattan and a “Warhol collector,” bought the 5.7-acre estate from the current owner, J.Crew CEO Millard Drexler. Drexler bought the property in 2007 for $27.5 million.

Paul Brennan of Douglas Elliman Real Estate, who listed the property with Sotheby’s International Realty, said the estate sale represents the most expensive home ever sold in Montauk. The estate includes a 3,800-square-foot main house and five cottages. A 24-acre horse farm was also listed with the property for $85 million, but Lindemann opted out of purchasing the farm.

The estate was built in the 1930s as a fishing camp. Warhol bought the property in the 1970s and welcomed high-profile guests like the Rolling Stones and Jacqueline Kennedy Onassis. [WSJ]Kathryn Brenzel