A Montauk estate built on a plot of land that was originally bought for $ 620,000 in 1992 is now on the market for a whopping $ 48 million.
Owned by framing business owner Eli Wilner and his wife, Barbara, the estate encompasses more than 36 acres of private reserve on the waterfront next to where Andy Warhol once lived. It’s in a particularly remote part of Montauk, and, Wilner said, their initial purchase didn’t even come with a permit to build on the empty, hilly land.
But after their petition for permits was approved, the couple spent millions on constructing the home and fixing up the landscaping. They now enjoy a 400-foot private beach, which borders a 3,000-foot beach that rarely gets visitors.
“We were amazingly lucky. We found it by chance,” Wilner told Business Insider. “I enjoyed the whole process.”
The couple is selling the home now because they are moving to Florida to be closer to family. It was previously on the market for $ 35 million in 2008, then $ 50 million in 2010. According to property records, the price was bumped up further to $ 55 million in 2016 before being brought to market at its current price by Brown Harris Stevens.
If the home ends up selling at $ 48 million, its value would have appreciated by about 7,600% over what the owners originally paid for the land.