Former Warhol Estate In Montauk Is In Contract

The former Andy Warhol estate known as “Eothen” has a buyer. Art collector and gallerist Adam Lindemann is in contract to purchase the iconic property that sits on a cliff in the Montauk moorlands.

Because the property is still in contract, Douglas Elliman broker Paul Brennan would not comment on the purchase price for the estate.

Owner Millard “Mickey” Drexler, CEO of the clothing and accessories store J.Crew, bought the 5.6-acre oceanfront property, which includes six cottages, for $27 million in 2007. The cottages are arranged in a slight semi-circle and were renovated by architect Thierry Despont after Mr. Drexler purchased them.

In June, he put it up for sale along with an adjoining 22-acre horse pasture for $85 million. However, the billionaire art enthusiast is buying only the cliff-side compound.

Although the two properties were packaged together, the option to buy them separately was available.

“You can’t just buy the farm itself without buying Eothen, but Eothen you could buy without the farm,” said Mr. Brennan, who shared the listing with Elliman colleague Ronald White and Edward Petrie with Sotheby’s International Realty. Mr. Petrie has subsequently moved to Compass.

Without Eothen, the pasture could fetch anywhere from $25 million to $35 million, although that price has yet to be determined.

Mr. Lindemann, who owns a gallery on Madison Avenue in New York City, was familiar with the former Warhol estate.

“He had seen it before,” Mr. Brennan said, noting the art dealer currently owns a property six houses away from Eothen. “He’s a Montauk person. He’s always loved the spot.”

In the early 1930s, the compound was built as a place to fish and hunt ducks for the Churches—whose family business made and sold Arm & Hammer baking sodas. It was made famous by the late pop artist Andy Warhol, who bought it in 1971 for about $225,000, with his manager and film collaborator at the time, Paul Morrissey. 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.

Several of the duo’s famous friends stayed at the compound, including Elizabeth Taylor, Jacqueline Kennedy Onassis and The Rolling Stones, who rehearsed out on the moors for a tour.

Mr. Lindemann told the New York Post, which first reported the impending sale, that he had known the famous artist and is a collector of his work.

“I’m very lucky to have this opportunity to live out this dream,” he said. “It’s a work of art.”