Keeping It Real in Montauk

In mid-August, artist Peter Beard got a serious offer for his six-acre oceanfront estate in Montauk, New York. It has been on and off the market for years with asking prices as high as $32 million.

He recently rejected a $26 million offer, although real estate sources in the nearby Hamptons say a deal was closer than it has ever been. (Beard's brokers, Linda Stein and John Golden of Prudential Douglas Ellliman, declined to comment.)

Beard's decision relieved locals who were nervous that the artist was following the trend of Montauk artists selling their historic homes to businessmen and killing the vibe of the surf community.

Over the past few years, Beard's block on Old Montauk Highway near the lighthouse has been transformed from an artists' enclave to a summer weekend playground for moguls.

Filmmaker Paul Morrissey sold Andy Warhol's legendary compound to J. Crew C.E.O. Mickey Drexel for about $20 million. Photographer Richard Avedon's house sold for $9.4 million to a Nestlé heiress.

Designer Tony Ingrao sold his famous Stone House to a gem company executive and developer Brett Rattner and hedgefund manager David "Tiger" Williams recently moved into the area.

The last remaining artists on the block are Julian Schnabel and Paul Simon.

More than 30 years ago, Beard bought his estate for about $100,000 and ever since, he's been the unofficial mayor of Montauk bohemia, frequently hosting major parties and rock stars as regular houseguests.

Beard's unique and breathtaking estate, featuring five cottages on six acres of oceanfront, has been the site of photo shoots, art installations featuring skulls and African artifacts, and bacchanalia. (Fashion designer Cynthia Rowley and writer Bill Powers married there).

It's widely considered among the best East End properties. Beard now lives there with his wife, Najma and their daughter, Zara.

According to friends of Beard, he has been spending less time in Montauk, now that he's approaching 70. Also, the estate technically belongs to his ex-wife, model Cheryl Tiegs and if Beard doesn't sell it before he dies, she will get all of it.

by Deborah Schoeneman

Condé Nast Portfolio contributor Deborah Schoeneman, who is also editor in chief of Hampton Style, reports on executives in the Hamptons.