Millard “Mickey” Drexler, chairman and chief executive officer of J. Crew, has sold his 5.7-acre beachfront estate in Montauk, N.Y., for $50 million, setting a record for the hamlet located at the tip of the South Fork of Long Island, in terms of residential sales.
The property and an adjacent parcel was initially listed at $85 million last year. Adam Lindemann, an investor and heavy hitter in the art world, purchased only the oceanfront compound, declining to buy the 24-acre horse farm.
The estate, which includes a main house and five cottages, was owned by Andy Warhol, who with his sometime collaborator, Paul Morrissey, in 1972 bought what was then the fishing camp of the Church family of Arm & Hammer baking soda fame, for $225,000.
Drexler purchased the compound for $27.5 million in 2007.
The retail ceo declined to comment on the sale. Paul Brennan, Douglas Elliman executive manager of sales for the Hamptons, who was the listing agent for the property, said Drexler won’t be a stranger to the area since he already has a place in Bridgehampton.
“They only used the [Warhol] house in August,” Brennan said of Drexler and his family. “It was just a tradition.”
Drexler reportedly also owns a 22-acre cattle ranch that’s close to the Warhol estate, but not contiguous.
Brennan called the Warhol compound “one of the most unique spots in the country.”
The estate is extremely private, hidden from public view by a 200-acre reserve that surrounds the property. It has 600 feet of ocean frontage with wide beaches that are reached from a steep bluff.
The 3,800-square-foot main house and five cottages are completely hidden. The estate has a total of almost 15,000 square feet with nine bedrooms and 12 baths.
Drexler hired French architect Thierry Despont to restore the estate in a rustic-chic style with faded wood paneling, exposed beams and plaid accents.
Asked why Drexler sold the estate, Brennan said, “This is sort of what he does. He does this all over the country. He used to live in San Francisco, he had a house on Martha’s Vineyard and something down in the Caribbean. He buys and sells a lot.”
Warhol, who transformed contemporary art as a leader of the Pop Art movement, might be surprised at the popularity of the estate, which he is said to have rarely used because the high winds blew his signature white wig off his head. He might be even more surprised that several of his paintings surpassed the selling price of the compound. For example, “Silver Car Crash (Double Disaster),” painted in 1963, sold in 2013 for $105.4 million and “Triple Elvis,” also painted in 1963, fetched $100 million in 2008.
Brennan said the Warhol provenance appealed to Drexler, as it does to Lindemann. “Anybody who bought the [compound],” is interested in the Warhol connection, he said. “That’s why Lindemann bought it. He only lives six doors away.”