The historic Oheka estate on Long Island near New York has been sold for $72 million. Gold Coast Property and Estate Management won the auction. The deal is awaiting final approval.
The castle was built in 1919 by the German-American financier Otto Hermann Kahn. The estate, covering around 10,500 square metres, has 127 rooms. Its construction cost Kahn approximately $11 million, equivalent to around $213 million today.
Oheka became the venue for numerous lavish receptions. The financier's guests included famous actors, among them Douglas Fairbanks and Charlie Chaplin.
The estate is also linked to Francis Scott Fitzgerald's 'The Great Gatsby': it is believed that Kahn's parties may have inspired the writer's descriptions of Jay Gatsby's receptions, although there is no record of Fitzgerald visiting the castle itself.
After Kahn's death, the estate was used as a military academy and later fell into disrepair. In 1984 it was acquired by developer Gary Melius, who invested around $40 million in its restoration.
Today Oheka operates as a hotel and events venue. Tours are also held on the grounds, and there is a restaurant and bar. Along with the estate, the new owner has received a pre-approved plan to build a four-storey residential complex.
