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

The Long Island estate was featured in a 1986 Tom Hanks film

The Long Island home as featured in the film "The Money Pit"
The Long Island home as featured in the film "The Money Pit"

WEEKENDEDITIONA 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.”

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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