The former Andy Warhol estate in Montauk—a collection of white-shingled cottages overlooking the ocean—has sold for $50 million, believed to be a record for the former fishing village. The buyer of the roughly 5.7-acre oceanfront compound, called “Eothen,” was Adam Lindemann, founder of the gallery Venus Over Manhattan. The property had been listed together with a 24-acre horse farm for $85 million, but Mr. Lindemann wasn't interested in the horse farm, and it is still available, said Paul Brennan of Douglas Elliman Real Estate, who listed the property with Sotheby’s International Realty. The seller was J.Crew CEO Millard “Mickey” Drexler, who bought the property for $27.5 million in 2007, according to public records. The deal closed Monday, according to Mr. Brennan, who said the property is the most expensive home ever to sell in Montauk. A few weeks ago, Mr. Lindemann put another oceanfront Montauk home he owns on the market for $29.5 million, according to Rylan Jacka of Sotheby’s, who is listing the property with Compass. Mr. Lindemann “collects Warhols, he knew Andy Warhol,” Mr. Jacka said. When the artist’s former home went on the market, “it was like seizing the opportunity.” Mr. Lindemann was not available for comment, and Mr. Drexler couldn’t be reached. The Warhol compound was built in the 1930s as a fishing camp, Mr. Brennan said. It includes a main house measuring about 3,800 square feet and five cottages. Mr. Warhol bought the estate in the 1970s for about $220,000, and it has housed famous figures like the Rolling Stones and Jacqueline Kennedy Onassis. The estate once measured 21 acres, but Mr. Warhol’s estate donated about 15 acres to the Nature Conservancy. After buying the property, Mr. Drexler restored the buildings, Mr. Brennan said, noting that much of the furniture was included with the sale. This article originally appeared in The Wall Street Journal.