Late artist Andy Warhol's former storied Montauk estate, listed for $85 million, is in contract, confirms a listing agent for the property.

"I'm very happy," said art collector Adam Lindemann, who is purchasing the oceanfront compound. Lindemann, who already owns a home in Montauk, said he plans to preserve the property and live there.

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The estate is known as Eothen, Greek for "from the east," and includes a 24-acre equestrian farm with two 1920 barns as well as a house and six cottages.

StoryAndy Warhol's former Montauk estate listed at $85MPhotosPeek inside LI's most lavish homes

Mickey Drexler, chair and chief executive of the J. Crew Group, bought the compound in 2007. Paul Brennan of Douglas Elliman Real Estate, representing Drexler in the deal, said he believes it is the highest asking price ever in Montauk.

"It's one of the most sought-after and unique sites on the East Coast," Brennan said. "It certainly sets a precedent for Montauk, if not the Hamptons."

Celebrity guests during Warhol's days included everyone from Elizabeth Taylor to John Lennon.

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Lindemann bought a nearby 3.31-acre property in Montauk for $15 million in 2007.