Celebrity Real Estate: Andy Warhol’s Montauk Estate is in Contract with Adam Lindemann

Adam Lindemann is a billionaire art collector and Upper East Side gallery enthusiast who is in contract to buy an oceanfront compound in Montauk formerly owned by Andy Warhol.

The property was originally built in the 1930s as a "fishing camp" and still includes the main house and six beachfront cottages.

According to Page Six, J.Crew CEO Mickey Drexler is the seller of the oceanfront property who combined the 5.7-acre estate with a 24-acre horse farm. The entire property is listed for $85 million. But according to the source, "Adam had no interest in the house farm." Reports say he is just buying the original property of Warhol.

The art collector told Page Six: "I knew Andy in the early 1980s as a very young man, and I'm a collector of his work ... I'm very lucky to have this opportunity to live out this dream. It's a work of art."

Guests who have visited the former estate of Warhol included Mick Jagger, Elizabeth Taylor, John Lennon, Halston and Jackie O.

Warhol bought the estate with Paul Morrissey in 1972 for about $225,000. In 2007, Drexler bought it for $27 million.

Much of the original acreage of the property was donated to the Peconic Land Trust.

Andy Lindemann, whose fortune comes from his father George Lindemann's businesses, will try to relieve the glory days of the former oceanfront property of Andy Warhol.

6SQFT said Warhol and Morrissey hired architect Rolf W. Bauhan to design the six clapboard houses, one as the main home with seven bedrooms. These were restored by famed architect Thierry Despont, as did the 24-acre horse farm and two large horse barns that were built in the late 1920s by Carl Fisher.

Warhol rented the main house to Princess Caroline and Lee Radziwill during the season when the Rolling Stones first visited the estate.

When Warhol died in 1987, Morrissey listed the compound in the early 2000s for $50 million, but it proved to be a hard offering.