SELLERS: Mickey and Peggy Drexler
BUYERS: Adam Lindemann and Amalia Dayan
PRICE: Unknown
SIZE: 5.7 acre, seven residential structures

YOUR MAMA’S NOTES: Andy Warhol’s fabled former oceanfront compound along the rugged, windswept coast of Montauk — the farthest east and the least “Hamptons” of the string of hoity toity seaside communities that dot the east end of Long Island’s slender southern fork that are universally known as The Hamptons — is about to be sold for an as yet unrevealed price by its current owner, J. Crew CEO Mickey Drexler, and the new owner, according to the new owner as first reported in the New York Post, will be fortunately born investor and art world heavy hitter Adam Lindemann.

Called “Eothen” and originally built in the early 1930s as a rustic and at that time remote “fishing camp” by the Church family — their fortune derives from the manufacturing of a whole bunch of household products that include Arm & Hammer baking soda — the property was acquired by the pop art superstar and his friend and frequent collaborator Paul Morrissey in 1972 for about $225,000. Tina Fredericks, the real estate agent who sold the property to Warhol and Morrissey in the early ‘70s, told The New York Times in 2006, when the estate was optimistically up for sale by Mister Morrissey at $40 million, that Mister Warhol didn’t always spend a lot of time at “Eothen” because, “He had a lot of problems with the wind which took his hairpiece off.” Hilarious and probably true as that toupée-raising anecdote may be, the pair are well known to have entertained and/or rented cottages to their famous friends, a Studio 54 VIP room worthy assemblage of art, music, fashion and entertainment luminaries that included Jackie Kennedy Onassis and sister Lee Radziwell, Elizabeth Taylor, Liza Minelli, Halston, John Lennon, Mick Jagger, and fellow Rolling Stone Keith Richards, who was at least once photographed cooking breakfast shirtless on the property in the 1970s.

So the stories go, superstar artist Julian Schnabel rented “Eothen” — he now owns his own multi-residence spread less than 1,000 feet away, as the crow flies — and Calvin Klein, publishing magnate Jann Wenner, Ralph Lauren, and boutique hotelier Ian Schrager all reportedly passed on the roughly 5.7-acre property that was still owned by Mister Morrissey until early 2007 when Mister Drexler came along and snatched it up, according to property records, for $27.5 million. Down a long, private drive, the secluded compound is surrounded by protected tracts of woodland that ensure absolute privacy for generations to come and presides over a covetously rare 600-feet of direct ocean frontage at the bottom of a steep, 30-foot bluff. At the time of Mister Drexler’s purchase the boomerang-shaped main house, situated near the bluff’s edge with an ocean-facing living room anchored at each end by a fireplace, had seven bedrooms. There were another eight bedrooms were spread throughout the compound’s five other cottages that cluster around a horseracing track-shaped drive. The compound’s six residential structures were, per current listing details, “meticulously restored” for Mister Drexler in a comfortable and remarkably unassuming but most assuredly deluxe, beach shack-meets-billionaire manner by notoriously exacting French architect Thierry Despont. In late 2010 the retail magnate paid $11.4 million for “Deep Hollow Ranch,” a 22-or-so-acre cattle ranch that’s nearby but not exactly contiguous with “Eothen.” (The driveway for “Eothen” runs along the western border of the “Deep Hollow Ranch” property but there is a swathe of protected land between the ranch and the compound.) Mister Drexler, who can all be assured spent a fortune on the updates and restorations, listed the entire 30-ish-acre kit and caboodle — ranch and compound — over this last summer for a gasp worthy and publicity assuring $85 million. Alas for Mister Drexler, according to an unnamed New York Post source, Mister Lindemann will only purchase the 5.7-ish-acre Warhol property for an amount that has yet to be recorded, announced or leaked.

Mister Lindemann, the 40-something year old son of multi-billionaire businessman George Lindemann, is an entrepreneur and art world mover and shaker of the highest magnitude with a museum-grade collection of contemporary art that includes seminal works by major leaguers like Takashi Murakami, Damien Hirst, Jean-Michael Basquiat, and — natch — Andy Warhol, who Mister Lindemann told the New York Post he knew in the early 1980s. Among a variety of other professional, avocational, and philanthropic endeavors, the extreme multi-tasker owns an eponymous investment firm (Lindemann Capital), founded a Spanish radio broadcasting company (Mega Communications), owns the swanky Upper East Side gallery Venus Over Manhattan as well as the Venus Over Los Angeles gallery, occasionally pens informative opinion pieces about the state of the contemporary art world for the New York Observer, and is the respected author or co-author of several well reviewed books that include “Collecting Design” and “Collecting Contemporary.”

Mister Lindemann and his wife, Amalia Dayan, an influential international gallerist and the granddaughter of late Israeli defense minister Moshe Dayan, already own a substantial, 6.3-plus-acre oceanfront spread in Montauk — a couple thousand feet down the beach to the east of “Eothen” — that property records suggest was acquired in two transactions, the first in late 2007 and the second the following spring, for a total of $21.5 million. Our research indicates the art purveying pair also own a 27-ish-acre spread in the Catskills near Woodstock, where British artist Richard Woods was commissioned to transform a fairly ordinary residence into a fantastically funky and vibrantly colorful pseudo-Tudor, as well as a turn of the 20th-century carriage house on New York City’s Upper East Side that was acquired in May 2004 for $6.75 million and worked over six ways from Sunday by inventive British architect David Adjaye. The Lindemann’s Manhattan house, the subject of an entire coffee table book (“A House for an Art Collector,” 2011), was once described by New York magazine as “an eccentric concrete chateau, a gray five-story tower scarified with angled window slits like some demonic jock-o’-lantern.”

As for Mister Drexler, our research suggests he and his wife Peggy maintain an equally impressive property portfolio that includes a Bahamian getaway and a ski squat in Sun Valley, Idaho, plus another house in the Hamptons — this one on 2.3 beachfront acres in Wainscott — that was scooped up in 2008 for $17 million, revamped by Monsieur Despont, put up for sale last year at $26.5 million, and price chopped to $22.5 million before being taken off the market. In New York City the Drexlers own a sprawling Park Avenue co-op that they picked up in 2005 for $20 million as well as 6,226-square foot condo in Tribeca they bought in August 2012 for $14.3 million, also had done up by Monsieur Despont— it has an epic 82-foot long main living/dining space — and briefly and unsuccessfully attempted to sell on the open market earlier this year, first at $35 million and later at $29.5 million.

Listing photos: Sotheby’s International Realty