Montauk estate asks $48M — 7,600% more than the owners paid for it

New York Weekend Edition /
May.May 27, 2017 10:00 AM
 

A Montauk estate built on a plot of land that was originally bought for $620,000 in 1992 is now on the market for a whopping $48 million.

Owned by framing business owner Eli Wilner and his wife, Barbara, the estate encompasses more than 36 acres of private reserve on the waterfront next to where Andy Warhol once lived. It’s in a particularly remote part of Montauk, and, Wilner said, their initial purchase didn’t even come with a permit to build on the empty, hilly land.

But after their petition for permits was approved, the couple spent millions on constructing the home and fixing up the landscaping. They now enjoy a 400-foot private beach, which borders a 3,000-foot beach that rarely gets visitors.

“We were amazingly lucky. We found it by chance,” Wilner told Business Insider. “I enjoyed the whole process.”

The couple is selling the home now because they are moving to Florida to be closer to family. It was previously on the market for $35 million in 2008, then $50 million in 2010. According to property records, the price was bumped up further to $55 million in 2016 before being brought to market at its current price by Brown Harris Stevens and Christie’s International Real Estate.

If the home ends up selling at $48 million, its value would have appreciated by about 7,600% over what the owners originally paid for the land.

According to the listing, the three-story home has about 7,000 square feet of space. Its blue roof was built in a Japanese-inspired style.

 

There are plenty of gorgeous beach views to be taken in from the various rooms …

 

… and wide decks make the most of the home’s perch.

 

A sleek kitchen is located on the top floor and provides easy access to the dining room and patio.

 

These doors were carved in an intricate, Japanese design by artists in Wilner’s studio. The style was inspired by Japanese screen panels. “Whenever we had friends over —like Martha Stewart or other celebrities and business leaders — all they wanted to look at was the doors,” Wilner said.

 

There are five bedrooms in total …

 

… as well as four bathrooms.

 

As for potential buyers, Wilner said, “I hope I find someone I like so that I can come visit every once in a while.”

 

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