Gold Coast Property acquires Oheka Castle for $72 million

Gold Coast Property & Management LLC purchased Oheka Castle in Huntington for $72 million at a private auction in late fall. The Manhattan-based entity, operated by Ronald Browning and Paul Alflen, outbid six other competitors in a 90-minute bidding session held at a hotel.

Browning and Alflen have not released a detailed development plan for the property. Alflen told the Long Island Press that the pair are "very excited" about the acquisition. He stated, "We're going to keep the castle as is," addressing local concerns about the preservation of the historic structure.

Gary Melius, the 82-year-old co-owner who purchased the estate in 1984, will remain at the property. Melius filed for federal bankruptcy protection last year to delay a foreclosure sale. He owes approximately $60 million to a secured creditor and between $8 million and $10 million to unsecured creditors and professional fees. He expects the sale proceeds to clear these debts.

Melius told the Press he will continue to live at Oheka and may manage the grounds. He has previously stated that he spent $60 million refurbishing the abandoned estate after buying it in a crumbling state.

The future of the grounds involves a pending application from the Cold Spring Country Club. The club, which owns a portion of the Oheka property, filed an application with the town in April 2023 to construct 90 condominiums. Christine Geed, a town spokeswoman, said the application has been submitted but the town has not heard back from the club since. She described the situation as a "waiting game."

Gayle Snyder, head of the Cold Spring Hills Civic Association, noted that residents are concerned about the club returning to seek approval for the condos. Snyder said community members believe they will still be allowed to use the castle for meetings and parties. The new owners have agreed to honor weddings booked through March 31, 2028.

Oheka Castle was built between 1914 and 1919 as a summer residence for financier Otto Herman Kahn. The 127-room estate sits on 21 acres of the original 443-acre property, north of Jericho Turnpike. The site is listed on the National Register of Historic Places and has served as a filming location for movies including Citizen Kane and The Great Gatsby.