SOLD! Former Warhol Montauk Estate is in Contract

Eothen, best known as the place where Andy Warhol entertained Mick Jagger, Jackie O, Liz Taylor, Halston and many others back in the 1970s, is in contract. The New York Post reports that billionaire art collector Adam Lindemann is the buyer. Lindemann told Page Six: "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." This is good news for people hoping the estate would be kept intact, not torn down and McMansioned.

What's not known is the sales price. (According to gossip, it's $50M.) The current owner, J. Crew CEO Mickey Drexler, was asking $85M for the spread, which included 24 acres of horse pasture. Lindemann is not interested in the horse farm; all he is buying are the 5.7 acres that Warhol and co-owner Paul Morrissey had, which includes a number of vintage houses that have been restored by Mr. Drexler.

Warhol and Morrissey bought the property for $225,000 in 1972. Morrissey put the spread up for sale back in 2001 for $50M; it finally traded for $27M in 2007 to Drexler. Originally the compound was put together as a fishing camp back in the 1930s by the Church family which makes Arm & Hammer baking soda. We'll be interested to see the actual sales price.

· Adam Lindemann in contract to buy Andy Warhol's Montauk estate
· 16 Cliff Drive & 8 Old Montauk Highway Montauk [Elliman]
· All posts about Eothen [CH]