"The Money Pit" Home to Hit Market for $12.5 Million

Posted by Rapti Gupta on Jun 14, 2014 04:49 AM EDT

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Remember that beautiful clapboard-clad house that Tom Hanks and Shelley Long's characters - "Walter and Anna" in the Steven Spielberg movie "The Money Pit" - purchased only to discover it's a disastrous fixer-upper?

The Long island, New York, home that featured in the movie is about to hit the market for $12.5 million and it seems like it's not going to come tumbling down this time.

The New York Times broke the news of the upcoming listing noting that it will be listed with Shawn Elliott of Shawn Elliott Luxury Homes and Estates.

When the movie was shot in the house, the residence was owned by a publisher called Eric Ridder. Earlier, the mansion was called "The Northway House".

Only the front and back of the home were used in the movie, while the inside shots were staged in a studio.

"The Money Pit" house last went up for sale in 2001 with a price tag of $2.95 million, according to the NY Post. The following year, Rich and Christina Makowsky purchased the estate and found themselves in the same plight that Walter and Anna were in.

"We didn't realize how bad it was. The house was falling apart when you went from room to room. We definitely could have done the sequel," Makowsky told the NY Times.

They then gave the home a complete renovation replacing everything right from the plaster to the landscaping and the garage.

Currently, the home stands sturdy boasting of marble flooring, French doors and windows and drywall ceilings. The living rooms, dining areas and the kitchen have been done up in what the NYT calls "Versacesque" style. Outside, the gardens and the pool area has been fixed too.

Take a look at some of the pictures of the renovated home here.

Walter and Anna eventually renovated the residence and even got married in the house.

"In spite of all the problems, and in spite of the prospect of indentured servitude for the rest of my life and debt beyond my wildest dreams, I love the house," Walter said.

We hope you love the house too!

Many movie homes are up on the market. The house featured in Al Pacino's "Scarface" is asking $35 million and the one in Clint Eastwood's "Trouble with the Curve" is also up for grabs at $1.19 million.