"Money Pit" Home Hits Market for $12.5M

Zillow

Photograph courtesy Rich Marchisotto of Sherwood Triart Photography Close

Photograph courtesy Rich Marchisotto of Sherwood Triart Photography

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Photograph courtesy Rich Marchisotto of Sherwood Triart Photography

199 Feeks Lane, Lattingtown, NY
For sale: $12.5 million

Source: Universal Pictures/Everett Collection

It’s a memorable scene: Tom Hanks with a briefcase trudging through the wreckage of a home renovation that’s spiraling out of control.

Rich and Christina Makowsky were also familiar with that Lattingtown, NY home from the ’86 comedy, “The Money Pit,” when they bought it in 2002 and spent their own money doing an extensive remodel.

“They spent close to $10 million — $2 million on the landscaping alone — in the restoration and renovation of the home,” explained real estate agent Shawn Elliott, who listed the home today. “Every square inch of the home was redone by the current owners.”

A grand, 1,300-foot-long driveway framed by 9-foot, white palatial gates now greets prospective buyers.

“You don’t even see the house for almost a quarter mile,” Elliott said. “There are formal gardens throughout the property. You could be in the the south of France or the Italian Riviera.”

The sellers were initially attracted to the property’s size spanning 5.5 acres.

“They have a large family and it has 8 bedrooms,” Elliott said. “My client also loves cars and there’s a 6-car garage.”

The home also includes a hotel-style master bath — with a large dressing room and his-and-hers amenities — a new pool house, all-white kitchen and 8 fireplaces.

Photograph by Universal Pictures/Everett Collection Close

Photograph by Universal Pictures/Everett Collection

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Photograph by Universal Pictures/Everett Collection

Lattingtown is considered the Gold Coast on the north shore of Long Island,” Elliott said. “It’s the area where ‘The Great Gatsby’ takes place.”

The CEO of Time Warner Cable also resides on the home’s street — Feeks Lane — as well as other big names, according to Elliott. “I can’t tell you how many billionaires are in the area.”

The New York Times first reported on the home before it hit the market, and the first prospective buyer will see the home this weekend. If the owners get their asking price, they should make enough to cover the cost of the renovations.

“It will be the anti-money pit,” Elliott said.

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Catherine Sherman, a real estate writer for Zillow Blog, covers real estate news, industry trends and home design. Read more of her work here.

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