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The 1986 film “The Money Pit” still serves as a cautionary tale about the dangers of buying a dirt-cheap, dilapidated fixer-upper. While the movie has faded from memory, the central concept still resonates with home buyers.
Over 30 years ago, exterior shots of the infamous big-screen residence were portrayed by a mansion in New York that had fallen into disrepair.
Today, it’s the polar opposite of a pit. The 5.5-acre estate has been lavishly renovated and is on the market for $5.9 million. It first landed on the market in 2014 for $12.5 million, more than twice today’s price. Now the Long Island mansion is still searching for a buyer who doesn’t mind the home’s cinematic associations.
Most of the interior scenes of “Money Pit”—with its infamous staircase and collapsing floor—were shot on studio sound stages. But the decrepit exteriors of the 14,000-square-foot Colonial mansion in Lattingtown, NY, were filmed for all the world to see. At the time, the property was known as “Northway,” and was owned by publisher Eric Ritter.
In 2002, Christina and Rich Makowsky bought the property for $2,125,000, according to public record. She’s a fashion designer, he’s a shoe manufacturer and distributor. They told The New York Times their purchase was like life imitating art. “We didn’t realize how bad it was,” said Rich Makowsky, “The house was falling apart when you went from room to room. We definitely could have done the sequel.”
The Makowskys poured their hearts, their exquisite taste, and some say up to $10 million into renovating the estate. Originally built in 1898, during Long Island’s Gilded Age, the home needed to be totally gutted.
They pulled down the plaster walls and replaced them with double Sheetrock, replaced the heating, plumbing, and electrical systems, and re-roofed and redesigned the interiors, which are now inspired by Versace. But some of the original woodwork, including the floors, was painstakingly restored.
Versace-inspired interiors
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Fast-forward to 2014, the Makowskys decided it was time to relocate, despite their love for their renovated residence. Since it was in pristine condition and located on New York’s prestigious North Shore, a mere 50 minutes from New York City, they were advised to put it on the market for $12.5 million.
Over the years, the price has been reduced to $9.8 million, to $8 million and then $6.9 million, and finally, to $5.9 million, where it’s currently listed. “We think it’s a tremendous value, and expect it to sell soon. Prices have corrected, and people are seeing the value,” says Lois Kirschenbaum, who is now the co-listing agent, along with Margaret Trautmann.
“I think it’s very appropriately priced now,” says Kirschenbaum. “No expense was spared. Meticulous attention was paid to every detail.”
Grand staircase
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The fact that the house has eight bedrooms, all of them en suite, and eight full baths and two half baths, doesn’t even begin to tell its story. “A long, gated driveway lined by magnificent, mature trees leads up to the home,” says Kirschenbaum. “The approach is mesmerizing.”
Inside the restored mansion, there are chandeliers and bronze sconces from Europe, ebony floors, and eight fireplaces, one of them 500 years old, from France. Black suede lines the elegant media room, and a stylish, refrigerated wine wall that holds about 80 bottles is located in the den.
Black suede wall
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Wine wall
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There’s also an opulent four-room master suite, which includes the bedroom, a sitting room with a fireplace, a dressing room with mirrored French doors, and a lavish master bathroom with a free-standing tub and gold fixtures.
Master-suite dressing room
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Master-suite sitting room
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The lushly landscaped, rolling green grounds feature a salt water pool, formal gardens, and an 800-square-foot pool house with a full kitchen, bath, and laundry room.
Pool and pool house
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Lush grounds
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Parties at lavish mansions like this one are what inspired F. Scott Fitzgerald to write “The Great Gatsby.” Fitzgerald’s fictitious “West Egg” was located on Long Island’s North Shore, just as the Money Pit mansion is now. Now that it’s priced right, it’s probably only a matter of time before the champagne and laughter are flowing at elegant parties once again.
Bird’s eye view
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The post After 4 Years on the Market, ‘Money Pit’ Mansion Still Looking for Bold Buyer appeared first on Real Estate News & Insights | realtor.com®.
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