It is not his unique artwork or some other creative endeavor that has sold for record breaking price, which is a norm in the world of auction. Andy Warhol’s former estate in Montauk, New York has been sold for $50 million. The sale is recorded as the highest ever in the hamlet-like destination in East Hampton.
The most expensive home ever in Montauk is actually a collection of white-shingled cottages overlooking the ocean. The compound which once belonged to the American artist, whose works still boast of being the most expensive, was built in the 1930s as a fishing camp.
The 5.7-acre oceanfront compound, called “Eothen” comes with a main house that measures about 3,800 square feet along with five cottages.
The estate once measured 21 acres, but Mr. Warhol’s estate donated about 15 acres to the Nature Conservancy according to the Wall Street Journal. Also Mr. Warhol had bought the estate in the 1970s for about $220,000, and it has been home to renowned personalities like the Rolling Stones and Jacqueline Kennedy Onassis.
Though the property was listed together with a 24-acre horse farm for $85 million, the buyer Mr. Adam Lindemann wasn’t interested in the horse farm and hence only purchased the residential estate. It was sold by J.Crew CEO Millard “Mickey” Drexler to Adam, the founder of the gallery Venus Over Manhattan.
It is common to go to great lenghts to own artworks of your favored artist, but Mr. Lindemann goes one step ahead to shell out a big chunk to own real estate related to his favorite artist. It is reported that he “collects Warhols, he knew Andy Warhol” and when the artist’s former home went on the market, Mr. Lindemann seized the opportunity.
The Wall Street Journal
