In case he needs a tax deduction, Mickey Drexler, the former CEO and now chairman of the retailer J. Crew, just made up for the profitable deal he did in Montauk. His Wainscott manse, at 120 Beach Lane, has just sold for $15 million. We’re certainly not dissing $15 million—it’s even more than your humble reporter makes—but Mr. Drexler purchased the property a decade ago for $17 million and, according to a report from Curbed Hamptons, invested at least another million in improvements and had first listed it in 2014 for $26.5 million.
But hey, a sale is a sale, and this one was handled by Douglas Elliman. The new owner, reportedly a neighbor, will have a fine oceanfront house. The 3,500-square-foot residence is on 2.3 acres and has three bedrooms, two full bathrooms, and two half-baths. There is 315 feet of ocean frontage with unobstructed views of Wainscott Pond and, we’re told, the property “enjoys a blissfully secluded setting at the end of a private drive. This truly unique home has been intuitively crafted to create a magnificent entertainers’ retreat caressed by the gentle sounds of the rolling surf.” Sounds great! And wait, there’s more: an open floor plan, double-height ceilings, and large picture windows that enhance the panoramic views. The bedrooms have access to the outdoors plus there is a separate media area and fireplace plus gourmet chef’s kitchen that overlooks the pond. The home has an emphasis on alfresco entertaining with wide wraparound decks and a wooded boardwalk that provides direct private access to the beach.
Oh, we mentioned a Montauk transaction. Some of you may recall that late in 2015, Mr. Drexler sold an estate in that hamlet for $50 million (also handled by Douglas Elliman). That estate was once owned for decades by Andy Warhol, who had paid all of $220,000 for it. Mr. Drexler picked it up in 2007 for $27.5 million, and doing the math, eight years later he made a $22.5 million profit.
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