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J. Crew’s Mickey Drexler Sells Wainscott Beach House

By Debra Scott - May 14, 2018

Current Chairman and former CEO of retailer J. Crew, Millard “Mickey” Drexler, has sold his Wainscott house for $15 million – a serious reduction from the $26 million he originally asked when it first listed in 2014. He purchased the property in 2008 for $17 million and put much moolah into it so he lost a bundle on the deal.

Dubbed a “serial property investor” by Women’s Wear Daily, the Bronx-born hotshot once owned Andy Warhol’s former Montauk estate, which he sold in 2015 for a record-breaking $50 million. He recently pulled two city properties from the market after they lingered there –  a TriBeCa loft and townhouse. The former was last asking circa $20 million, a $15 million reduction from when it entered the $35 million in 2015; the latter was asking $27.5 million. Both interiors were designed by Thierry Despont.

A true beach house, the property at 120 Beach Lane sits on 2.3 acres in the midst of the dunes overlooking the sea and Wainscott Pond, with a whopping 315 feet of ocean frontage. A modest house by today’s standards, we’re guessing that the 3,500-square-foot, three-bedroom abode will be rebuilt to take better advantage of those ocean views.

The listing broker was Paul Brennan of Douglas Elliman.

Photos via Elliman

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