Former Warhol Montauk Estate Back on the Market for $85M

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 for sale once again. Co-owner Paul Morrissey put the spread up for sale back in 2001 for $50M; it finally traded for $27M back in 2007, the buyer being J. Crew CEO Mickey 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.

So what does a prospective buyer get? Almost 30 acres of prime oceanfront set high in the bluffs, including 24 acres of horse pasture and two 1920s Carl Fisher barns with 29 stalls. There are also a number of vintage houses that have been restored by Mr. Drexler. All in all, there are nine bedrooms, 11.5 baths, and about 15,000sf of living space. The property is of course unique, but $85M still seems like a very ambitious price. What do you think?

· 16 Cliff Drive & 8 Old Montauk Highway Montauk [Elliman]
· All posts about Eothen [CH]