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Lattingtown's 'Money Pit' home finally sells

This Lattingtown home recently sold for $3.5 million.

This Lattingtown home recently sold for $3.5 million. Credit: Daniel Gale Sotheby’s International Realty/Tony Calarco

A Lattingtown home that served as the exterior for the 1986 Tom Hanks movie "The Money Pit" has sold for $3.5 million, five years after it came on the market for $12.5 million.

Called Northway, and with a pedigree that extends beyond its star turn, the home had most recently been listed for $4.5 million, says Margaret Trautmann of Daniel Gale Sotheby's International Real Estate, who began co-listing the property with Lois Kirschenbaum around two years ago.

The eight-bedroom house was built in 1898 and is on 5.5 acres. Annual property taxes are $88,448.

Eric Ridder of the Knight-Ridder newspaper family owned the house when the exterior was used for the movie, which starred Hanks and actress Shelley Long as a young couple who purchase an old home that's falling apart. 

The most current sellers renovated the historic home after buying it in 2002, adding new plumbing, heating and electrical systems, a large kitchen with marble countertops and a mahogany center island, and installing an imported 500-year-old French fireplace and refrigerated wine wall in the media room.

Trautmann declines to name the purchaser, but said he is from Long Island and chose the home not for its appearance in a Hollywood film, but because the formal style was similar to the home he had before. 

"It just was that perfect fit," says Trautmann, who publicized the sale on Instagram with an image from the movie that replaces Long's face with hers and reads, "Daniel Gale presents The Money Pit."

"This house was in such beautiful shape," Trautmann says. "The only thing anyone would want to do is decorate it."

Daniel Gale's John Messina represented the buyer in the deal, which closed Oct. 28.

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