From the NYT:
The Long Island mansion used for “The Money Pit,” the 1986 comedy starring Tom Hanks and Shelley Long about the ultimate fixer-upper fiasco, is poised to go on the market for $12.5 million. The annual property taxes on the home are $65,992.
The eight-bedroom 1898 house in Lattingtown, N.Y., has been totally redone, meticulously designed and decorated with a Versace-esque flair. The three-story white clapboard home has a center hall and is reached through a gated entrance and down a quarter-mile-long rhododendron-lined drive to a white-pebble motor court. “It’s now the anti-‘Money Pit,’ ” said Shawn Elliott of Shawn Elliott Luxury Homes & Estates, the listing broker. “The home was restored at the highest quality.”
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When the movie was shot, the home was owned by Eric Ridder, a publisher and a member of the American yachting team that won the gold medal at the 1952 Olympics. Front and back exteriors of the home, which is bracketed by symmetrical wings and is known as Northway, appear in the movie; most of the interior scenes were staged in a studio. Still, the current homeowners, Rich and Christina Makowsky, who bought the 5.4-acre estate in 2002, said their experience imitated art.
“We didn’t realize how bad it was,” said Mr. Makowsky, a shoe manufacturer and distributor. “The house was falling apart when you went from room to room. We definitely could have done the sequel.”
A crew of 30 spent a year and a half gutting the house, taking down ceilings, ripping out the cast-iron radiators, redoing the plumbing, heating and electrical systems, installing a cedar roof that cures to gray, not brown, and restoring the home to the splendor of Long Island’s Gilded Age.