Sunday, May 28, 2006

Former Warhol Estate Price and Broker Adjustment

We visited Eothen, the oceanfront compound of the late Andy Warhol, on Wednesday. Warhol's film partner and current owner Paul Morrissey was there, as were throngs of real estate brokers and a troupe of models and fashion photographers who took a lunch break to allow us to walk through the five rustic, shabby chic houses/cottages and around the grounds unimpeded.

Morrissey has had the compound, which sits at the end of a long dirt driveway opposite the Deep Hollow Ranch, on the market for years with what seems like nearly every brokerage house in the Hamptons. The newly-adjusted price has dropped from $50MM to $40MM. I refer to these listings as "marquee" listings. Both the broker and the seller enjoy the attention that the listing brings them, even if they are privately certain that the property won't sell even close to the asking price.

That being said, the Hamptons are famous for unique and truly incredible transactions that leave most people stunned (including the broker that made the deal and stands to make a six- or even seven-figure commission). Lightning does strike in this market. It looks like Mr. Morrissey and the new listing agents are doing a rain dance. (So am I - let me know if you'd like to view the property, as it would be my pleasure to make the arrangements.) md

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