Remember Mickey Drexler*? We thought you'd want to know he landed on his feet. After years of making billions of dollars in San Francisco for The Gap, the visionary retailer was dumped after a few bad quarters and eventually wound up in New York at the head of J. Crew. It now appears that Drexler's bought Eothen, the legendary oceanfront camp in Montauk, LI of Andy Warhol and film maker Paul Morrissey. It sat on the market for years, at $50M and then $40M but now appears to have sold for under $30M.
Aside from the price, potential buyers seem to have scoffed at the classic group of oceanfront cottages. The hedge fund types who could write a check didn't get the interiors- original and untouched since the forties except for a little rearrangement by Jed Johnson in the seventies- or the isolated location miles away from the visibly extravagant culture of the other Hamptons.
· Andy's Montauk Estate Finally Bought [NY Magazine]
· The Unsold Warhol [NY Times]
· Jed Johnson [Interior Design]
[*It's OK, yes, we know he's originally from New York]