J. Crew CEO Mickey Drexler recently sold the Andy Warhol estate located in Montauk, New York for $50 million. The said estate was actually a fishing camp built back in 1930s.
It can be recalled that Warhol, a famous pop artist, and Paul Morrissey bought the estate back in 1971 for $225,000. The deal is considered a record breaker in the Montauk estate, a report from Top Ten Real Estate Deal said.
According to the report, Drexler, who was the most recent owner of the estate, bought the property back in 2007 for $27 million. The property has been listed last year for a hefty price of $85 million. The Warhol estate features a 24-acre horse farm and equine center.
Yahoo reports that before Drexler acquired the property in 2007, the estate had suffered for several years in the real estate market because buyers want extra equipment such as flat-screen televisions and ice makers, among others, aside from the parcel of land that was being sold.
Now the popular estate has a new owner after Adam Lindemann, a billionaire art collector, bought the whole compound which includes the whitewashed cottages. "I knew Andy in the early 1980s as a very young man, and I'm a collector of his work. ... I'm very lucky to have this opportunity to live out this dream. It's a work of art," Lindemann said, as quoted by The New York Post Page Six.
It was said that Lindemann named the estate Eothen, a Greek word which means "from the east" or "at first light" in ancient Greek. He also disclosed that he has no interest in horse farm. The sale of the property was handled by Paul Brennan, a listing agent of Douglas Elliman Real Estate.
Celebrity Net Worth reports that Drexler has a net worth of $150 million.
