The former Andy Warhol estate in Montauk, which went into contract in October, was officially sold on Monday to art collector and gallerist Adam Lindemann for $50 million.
Known as “Eothen,” the iconic property sits near the ocean and the Montauk moorlands. According to Douglas Elliman broker Paul Brennan, this is the most expensive residential property to sell in Montauk history. Mr. Brennan shared the listing with Edward Petrie, who was with Sotheby’s International Realty at the time and is now with Compass.
In 2007, owner Millard “Mickey” Drexler, CEO of the clothing and accessories store J.Crew, purchased the 5.6-acre property for $27 million. It features six cottages that are arranged in a slight semi-circle and were renovated by architect Thierry Despont after Mr. Drexler purchased them.
In June, Mr. Drexler put it up for sale along with an adjoining 22-acre horse pasture for $85 million. Although the two properties were packaged together, the option to buy them separately was available and the billionaire art enthusiast was interested in only the Warhol compound. The pasture has not been officially re-listed, but it may fetch somewhere between $25 million and $35 million.
Mr. Lindemann, who owns a gallery on Madison Avenue in New York City, was familiar with the former Warhol estate. “He had seen it before,” Mr. Brennan said in October. “He’s a Montauk person. He’s always loved the spot.”
In fact, Mr. Lindemann has a 6-acre estate a few doors down from Eothen that he put up for sale in November for $29.5 million.
The former Warhol compound was built in the 1930s as a place to fish and hunt ducks for the Churches—whose family business made and sold Arm & Hammer baking sodas. It was made famous by the late pop artist Andy Warhol, who bought it in 1971 for about $225,000, with his manager and film collaborator at the time, Paul Morrissey. The larger portion of its original 20-plus acres was donated as a preserve in 1993, and Mr. Morrissey sold the remaining acreage to Mr. Drexler.
Several of the duo’s famous friends stayed at the compound, including Elizabeth Taylor, Jacqueline Kennedy Onassis and The Rolling Stones, who rehearsed out on the moors for a tour.
“Everyone was price-resistant before about something that expensive in Montauk,” Mr. Brennan said on Wednesday, December 16, referring to when the property was first listed this past summer. “But this just proves it’s one of the most exceptional properties in the United States.”