Late last week the New York Times reported that the Long Island home that starred in the Spielberg-produced 1986 comedy The Money Pit was about to hit the market for $12.5M, and sure as the presence of Tom Hanks guarantees a box office hit (excepting Larry Crowne, of course), a listing has popped up for the eight-bedroom house, displaying the swanky, white-washed results of an expensive renovation that had the Times deeming it "A Money Pit No More." Built in 1898 in Lattington, N.Y., a village on Long Island's North Shore not too far from Gatsby-touched Great Neck, what's known as The Northway House was, at the time of filming, owned by prominent publisher and sailor Eric Ridder, Sr. The Tom Hanks vehicle told a story of exaggerated renovation woes that should resonate with most people who have ever fallen victim to a property lemon. In the world of the film, the mansion is acquired for just $200K, but the estate last sold in 2002 to Rich and Christina Makowsky for $2.125M. Naturally, a sound stage was built for the filming of all the destructive interior shenanigans, but as Mr. Makowsky told the times, life [pause for effect] intimidated art in their case. "We didn't realize how bad it was," says the shoe manufacturer and distributor. "The house was falling apart when you went from room to room. We definitely could have done the sequel."
In 2009, the house was briefly listed for sale with an asking price of $7.9M, which one would assume was after at least some of the renovation effort. The Times describes the way the three-story white-clapboard home is pictured now, with it's much greater ask, as "meticulously designed and decorated with a Versace-esque flair." A team of 30 spent a year and a half gutting the house, after which the renovation saw the cedar roof tiles replaced with ones that cure to gray instead of brown, and the seven full and two half baths completely redone. Details like hand-carved ceiling medallions, crown moldings, herringbone floors, and hand-carved balustrades all received a facelift, as did the pool, pool house, driveway, and landscaping. Ms. Makowsky, a clothing designer brought in chandeliers and bronze sconces found in Europe to revamp the interiors "for contemporary living with an eye for detail."
Other things that aren't to be missed in this silver-screen beaut: eight fireplaces (one a 500-year-old piece imported from France), a dining room that comfortably fits 28, a chef's kitchen made from three rooms, and a master suite wing with a "sumptuous master bath" and a "palatial dressing room" with mirrored French doors on the closets. Across the three-tiered grounds, a pool house sits beyond a herringbone brick veranda, a fountain, and a gazebo, and has its own full kitchen, bath, and laundry room. Real estate agent Shawn Elliot told Zillow Blog that the couple spent close to $10M on the renovation, with$2M on the landscaping alone," which makes the $12.5M ask sound awful generous for a $12.5M ask.
· It's Official: 'Money Pit' Home Hits Market for $12.5M [Zillow Blog]
· 199 Feeks Lane [Shawn Elliott]
· A 'Money Pit' No More [NYT]
· On The Film's 27th Anniversary, Real Estate of The Money Pit [Curbed National]