Venus Over Manhattan gallery founder Adam Lindemann just scored one of the most famous properties in contemporary art history: Andy Warhol’s Eothen compound in Montauk. An avid Warhol collector and acquaintance of the artist, it’s not a surprise that Lindemann procured the estate for $50 million (which makes it the priciest home to ever sell in the area).
According to The Wall Street Journal, the estate that overlooks the sea was originally built as a fishing camp in the 1930s, featuring a 3,800-square-foot main house and five other cottages. Warhol bought the 21-acre plot in the ‘70s for around $220,000 and donated around 15 of the acres to the Nature Conservancy.
Though the property was originally listed as a package deal with a 24-acre horse farm for $85M, Lindemann didn’t want the farm portion. Douglas Elliman Real Estate and Sotheby’s International Realty split the lot and sold him the Eothen half for a discounted price of $50M on Monday—the farm is still available for interested buyers.
The property’s previous owner, J.Crew CEO Millard Drexler, made quite the profit from the sale, since he bought the estate in 2007 for just $27.5M. Since he also restored the cottages and maintained much of the original furniture, Lindermann and his friends will be hanging out on the same chairs as the iconic artist and his long list of friends, like The Rolling Stones, Elizabeth Taylor, John Lennon and Jackie Onassis.
