Former Warhol Estate, Horse Ranch In Montauk On The Market - 27 East

Real Estate News

Real Estate News / 1410894

Former Warhol Estate, Horse Ranch In Montauk On The Market

icon 5 Photos

The former Andy Warhol estate at 16 Cliff Drive in Montauk sold for $48.7 million. PRESS FILE

The former Andy Warhol estate at 16 Cliff Drive in Montauk sold for $48.7 million. PRESS FILE

The former Andy Warhol estate at 16 Cliff Drive in Montauk sold for $48.7 million. PRESS FILE

The former Andy Warhol estate at 16 Cliff Drive in Montauk sold for $48.7 million. PRESS FILE

author on Jun 15, 2015

Perched atop serrated bluffs overlooking the ocean, an iconic property in the Montauk moorlands, along with an expansive horse pasture nearby, is on the market for $85 million.

“It’s a very, very special property, and everybody gasped at the price tag, but at the same time, find me something else that rivals it,” said Douglas Elliman broker Paul Brennan, who is listing the property with a colleague, broker Ronald White.

The current owner is Millard “Mickey” Drexler, CEO of the clothing and accessories store J.Crew. Mr. Drexler purchased 16 Cliff Drive, a 5.6-acre oceanfront estate known as “Eothen” and once owned by Andy Warhol, for $27 million in 2007.

In 2010, Mr. Drexler paid Diane and Rusty Leaver about $12 million for the almost 22-acre horse pasture, which was part of the Deep Hollow Ranch operation, at 8 Old Montauk Highway.

The latter property offers dramatic, eye-catching views of open pasture for passersby on Montauk Highway. No matter who buys it, the rural quality will remain intact because East Hampton Town bought the development rights to almost 18 acres in 1983. In addition, the land is in an agricultural district designed to “encourage agricultural use,” such as maintaining livestock or growing crops, explained Marguerite Wolffsohn, Planning Director for East Hampton Town.

The ranch property has two restored barns with a total of 29 stalls, built in the 1920s by Carl Fisher, the real estate and auto tycoon who’d hoped to make Montauk the Miami Beach of the North. Situated on 4 acres at the southern end of that property is a nearly 5,000-square-foot house that could be expanded or replaced and to which a pool and possibly a tennis court could be added.

Acres of preserved land, owned by a mixture of East Hampton Town, Suffolk County and the Nature Conservancy, connect the horse farm with Eothen, a compound of six cottages to the south sitting on cliffs overlooking the ocean.

Eothen was built in the early 1930s for the Churches—whose family business made and sold Arm & Hammer baking soda—as a place to fish and hunt ducks. Subsequently, it was made famous by the late pop artist Andy Warhol, who with his manager and film collaborator at the time, Paul Morrissey, purchased the compound in 1971 for about $225,000. The larger portion of its original 20-plus acres was donated as a preserve in 1993, and Mr. Morrissey sold the remaining acreage to Mr. Drexler.

Mr. Warhol and Mr. Morrissey had rented their compound to a bevy of famous friends, including Lee Radziwill, who invited her widowed sister, Jacqueline Kennedy Onassis, and her children, to visit; and The Rolling Stones, who rehearsed out on the moors for a tour, much to the surprise of neighbors.

The cottages are arranged in a slight semi-circle and were renovated by architect Thierry Despont after Mr. Drexler purchased them. “It looks like it did the day the Churches finished it,” Mr. Brennan said. “That is what is amazing. You can turn the key, it’s in that great shape.” Five of the cottages have 2 bedrooms, 2 baths, a living room and a kitchen, and one has 1 bedroom, 1 bath and a kitchen.

According to the Town Planning Department, the cottages are not in a historic district and therefore not protected from demolition. On the other hand, as pre-existing, nonconforming structures, they also cannot be torn down and replaced.

“You can never build that again,” Mr. Brennan said.

The land cannot be subdivided, according to the Planning Department, and there are also building restrictions due to nearby dunes and wetlands.

“The only thing that could conceivably happen is if someone wanted to knock down a cottage and put a pool there,” said Mr. Brennan of the former Warhol property. But, he said, given the property’s absorbing and even glamorous history, “it would be a shame to disturb what currently exists there.”

You May Also Like:

Oceanfront Residence And Adjacent Parcel Sell For $46.5 Million

An oceanfront estate in Sagaponack with an additional, undeveloped adjacent parcel recently sold for a ... 29 Jun 2022 by Staff Writer

Dune Road Oceanfront Residence Sells For $11 Million

An oceanfront residence on Dune Road in the Village of Westhampton Beach sold earlier this ... by Staff Writer

Glover Street Home By Steven Gambrel Sells For $6 Million

A Sag Harbor Village home built by renowned interior designer Steven Gambrel in 2017 has ... by Staff Writer

Sagaponack’s Deacon David Hedges House Restored, Updated

The Deacon David Hedges House, a colonial-era home in Sagaponack Village, was once the subject ... by Brendan J. O’Reilly

Water Mill Waterfront Traditional Gets $500,000 More Than Asking Price

A waterfront residence in Water Mill recently sold for $8.5 million — half a million ... 27 Jun 2022 by Staff Writer

Former Personal Home Of Architect Norman Jaffe Sells For $7.5 Million

A former personal home of the late modernist architect Norman Jaffe in Bridgehampton recently sold ... 21 Jun 2022 by Staff Writer

Lauer’s Strongheart Manor Fetches $41 Million

Former “Today” co-anchor Matt Lauer has sold his North Haven mansion Strongheart Manor and two ... by Staff Writer

New Construction In Sagaponack By Shoji Builders Sells For $6.4 Million

A newly built 9,000-square-foot residence in Sagaponack by Shoji Builders recently sold for $6.4 million. ... by Staff Writer

Elevator And Dormer Plan For Robert Kraft’s Meadow Lane Residence Rejected

The Southampton Village Zoning Board of Appeals, in a 4-0 vote, denied New England Patriots ... by Staff Writer

Edwina von Gal’s Marshouse Hits The Market

The home of renowned landscape designer Edwina von Gal overlooking Accabonac Harbor in Springs has ... 14 Jun 2022 by Staff Writer