The former Andy Warhol estate in Montauk—a collection of white-shingled cottages overlooking the ocean—has sold for $50 million, believed to be a record for the former fishing village.

The buyer of the roughly 5.7-acre oceanfront compound, called “Eothen,” was Adam Lindemann, founder of the gallery Venus Over Manhattan. The property had been listed together with a 24-acre horse farm for $85 million, but Mr. Lindemann wasn't interested in the horse farm, and it is still available, said Paul Brennan of Douglas Elliman Real Estate,...