Many Surprises Await As the Liquidity Dries Up

 

"Something similar is happening in nearby Montauk. Owned by renowned antique picture frame dealer and restorer Eli Wilner, the sprawling property has been on and off the market since 2009. Located on tony Old Montauk Highway, near the old Warhol estate, as well as close to the former homes of Dick Cavett and Peter Beard, Wilner’s spread encompasses 37 acres of oceanfront land, with 485 feet of private beach.

Initially, back in 2009, the asking price was $35 million. After it remain unsold for six months, Wilner inexplicably raised the price to $50 million. The price has since gone up and down with the tides, from a high of $55 million to as little as $29 million in 2019. It’s now listed with Hedgerow Exclusive Properties at $39.5 million.

Though he’s wanted to sell the place for more than a dozen years, Wilner’s real problems with the property began in 2018, when New Jersey-based lender Case Real Estate Capital declared the antique frame mogul’s $17.75 million mortgage in default. The company has been trying to foreclose on the estate since then, The Real Deal disclosed, though Wilner has successfully appealed orders for a sale four times. He even filed a Covid hardship declaration, which was denied. As of now, the property will hit the auction block on February 24."  Living the good life on credit.