Warhol's Montauk estate sells for eye-popping $50 million

Did Andy Warhol have any connection to the Lower Hudson Valley?

Outside of some Warhol works on paper at The Neuberger and Hudson River Museums and a notorious art theft of a Warhol work, "Heinz 57," by a Ossining chauffeur back in 2009, probably not much.

But in the cold, hard light of January, the news that the late pop artist's Montauk beachfront estate was just sold for a record $50 million is worth noting.

Montauk is no stranger to big bucks sales. A quick check of available homes on the market in what was once a sleepy fishing village, shows it's near impossible to get into the hip hangout for under $1 million these days.

Warhol and Paul Morrissey bought the 5.7-acre beachfront estate in 1972 for $225,000. It was the rustic family fishing camp of the Church family of Arm & Hammer Baking Soda fame.

The most recent owner of the compound was CEO of J. Crew, Mickey Drexler, reports TopTenRealEstateDeals.com. Drexler bought it in 2007 for $27 million.  The estate includes a 3,800-square-foot main house and five cottages completely hidden from public view with wide beaches and ocean views.  Drexler had it all meticulously restored by architect Thierry Despont.

He listed it in 2015 for $85 million, a price that included a 24-acre horse farm and equine center, which the current buyer, Adam Lindemann, opted out of the purchase. Lindemann is the founder of the Venus Over Manhattan Gallery and a major collector of Warhol’s works making the property’s history especially significant for him.