Former Warhol compound on eastern Long Island is in contract

AP News
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Posted: Oct 19, 2015 2:09 PM

NEW YORK (AP) — An oceanfront compound in New York once owned by Andy Warhol is now in contract to be sold.

Paul Brennan, of Douglas Elliman Real Estate, declined to specify Monday what the new buyer, art collector Adam Lindemann, was paying for the property in Montauk, on eastern Long Island.

The initial asking price was $85 million. However, the parcel was expanded six-fold in recent years. Brennan says Lindemann is buying the original 5.7-acre compound but not the rest of the property.

Warhol, who died in 1987, entertained celebrity guests like Mick Jagger, Keith Richards and Jacqueline Kennedy Onassis there in the 1970s.

The chairman and chief executive of the J. Crew Group, Mickey Drexler, bought it in 2007.

Lindemann's attorney says the closing should occur by the end of the year.