Andy Warhol’s former Montauk estate on the east end of Long Island is back on the market for $85 million. It’s currently owned by J Crew CEO Mickey Drexler).
Drexler, who bought the property for $27 million in 2007, has marked up the price by a whopping 300 percent.
It was previously listed for $50 million and did not sell. The market is considerably stronger now, but so is the price.
The estate, located on 30 acres, includes an oceanfront main house and six cottages all meticulously restored by architect Thierry Despont in classic Hamptons seaside style.
Andy Warhol’s Sprawling Montauk Estate
(Click Photos to Enlarge!)
The living space totals nearly 15,000 square feet with nine bedrooms and 12 baths, all nestled along 600-feet of waterfront on the Atlantic Ocean.
The property also includes a restored, historic equestrian center originally built by Indianapolis 500 and Miami Beach developer Carl Fisher in the late 1920s.
Warhol was already famous when he and Paul Morrissey, who directed many of his films, decided to invest in some Long Island real estate. Warhol liked the Hamptons scene although the estate is actually located in Montauk, which lies just east of the tony summer retreat.
They bought what was then known as the “Church Estate” for $225,000 in 1972. Adjusted for inflation that equals $1.26 million in today’s dollars. It was built by the Church family of Arm & Hammer baking soda fame and use primarily as a rudimentary fishing camp.
Over the years, Warhol and Drexler made huge improvements. The latter reportedly spent millions of dollars upgrading the property. Warhol however, gave the estate, and the entire East End an enduring celebrity caché.
During his heyday in New York City, Warhol entertained a slew of celebrities at the estate.
His parties were legendary.
On any given weekend, Jerry Hall, Cheryl Tiegs, Liza Minnelli, Liz Taylor, John Lennon, John Phillips, Mick Jagger, Jackie Kennedy and her sister Lee Radziwill could be found idling on the beach.
His nearby neighbors included at various times Edward Albee, Dick Cavett, Ralph Lauren, Robert DeNiro, Richard Avedon and Paul Simon.
Warhol died unexpectedly in 1987 and the estate’s notoriety died with him.
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