Art collector’s Montauk home gets $3M cut from its asking price

In 2015, it was listed for $29.5M; since then, nearly $10M has come off the price tag

By Grace Cassidy Apr 9, 2018, 11:36am EDT

Owned by art collector Adam Lindemann—the same art collector who purchased Andy Warhol’s estate, Eothen, in 2015—has cut the asking price of his Montauk estate, reports Behind the Hedges. His purchase of Eothen was the most expensive home to ever sell in Montauk for $50 million.

Designed by famed architect, David Adjaye, in 2004, the oceanfront home came on the market about three years ago with Sotheby’s International Realty for $29.5 million, before coming down in asking price to $25 million less than a year later. After about a year on the market, the listing was removed and had been available to rent.

Last summer, the three-acre estate was relisted for sale under Douglas Elliman agents Chris Stewart, Michael Lorber, Noble Black, and Andrea Wohl Lucas for $23 million. Now, a year later, the home has received yet another price cut, making it available for $20 million—the lowest asking price that it’s had since it came on the market in 2015.

Located at 406 Old Montauk Highway, the home stands 7,500 square feet in size with six bedrooms, eight full bathrooms, and one half-bathroom. With wood finishes, the home is meant to resemble a vintage sailing ship—which is further emphasized with the ocean views that extend all the way to the Montauk Lighthouse.

Interior features include a great room with a double-sided fireplace, stainless steel appliances and a concrete island in the kitchen, a two-car garage with a hydraulic lift, and ocean views from the second-level master suite.

French doors lead to the exterior where one will find a pergola-covered dining space and a heated gunite pool and spa. The finished lower level is host to a movie theater and wine cellar.