Local News

Man buys $300K bungalow, finds $30 million worth of art inside

A home buyer on Long Island is cashing in big time after buying a bungalow in Bellport a few years back for $300,000.

“It looked like a pile of junk, but on closer inspection I realized it was a vast body of work created by one artist over 60 years,” said Thomas Schultz, who bought it with business partner Lawrence Joseph.  “I knew right away I wasn’t going to throw that artwork into the dumpster, it was bad karma.”

$30 million worth of art found in bungalow

“It looked like a pile of junk, but on closer inspection I realized it was a vast body of work created by one artist over 60 years,” said Thomas Schultz

Shultz was referring to the thousands of painting, drawings and journals by the obscure artist and former owner Arthur Pinajian he found stashed in the attic and garage.

Beyond Karma, an appraisal by William Hastings Falk, who also worked on the Andy Warhol estate valued the art at about $30 million.

Party of the work has already been auctioned off with some pieces going for half a million dollars.

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25 Comments to “Man buys $300K bungalow, finds $30 million worth of art inside”

    Jerry said:
    March 7, 2013 at 6:55 PM

    How did the art get there?

      KlintzComment said:
      March 9, 2013 at 9:06 PM

      Art left the art.

      Arthur Pinajian (1914-1999), the artist, owned the house. He presumably created much of his work while living in that house, resulting in the previously unknown (read "never put on public exhibit") artwork being piled up everywhere in the garage and attic.

    Barbara Buono said:
    March 8, 2013 at 9:58 AM

    I knew Art, he painted most of that work in that house. Where he lived with his sister. I wonder what happened to his family and why the work didn't go them.

    SculptorDad said:
    March 8, 2013 at 12:49 PM

    No, it's junk. Please don't compare this derivative hack cartoonist to the real AE's.

      shamus said:
      March 11, 2013 at 7:38 AM

      Better than that crap on http://www.jansenart.com. That junk looks like a kindergarten craft project.

      Oye411 said:
      March 11, 2013 at 8:22 AM

      Whether it's crap in your opinion or anybody else's, its worth a lot more than your latest work of art right? Also did anyone offer you 100k+ for your work? In the eye of the beholder

      crabman said:
      March 11, 2013 at 2:08 PM

      well the JUNK is worth 30 mil

    JBatx said:
    March 8, 2013 at 12:50 PM

    SculptorDad, must not be "Junk" if it is worth $30M…. Just becuase it isn't YOUR work, doesn't mean it is junk.

    pamik said:
    March 8, 2013 at 2:02 PM

    Tom, I think I left that artwork there by mistake. Oh, I'm also your long lost sister.

    kybo61 said:
    March 8, 2013 at 9:15 PM

    That house would have sold for about $18,000-$25,000 in Kansas City. On a half acre lot, even. Just saying, the guy got soaked for the real estate. Maybe not for what the seller left behind, pretty cool. But if somebody wants to live in a cool old house like that and not drop 300 stacks on it, come to America's heartland. Great food, great neighbors, well-kept secrets of many cultural and historic attractions, great climate (tornadoes are VERY rare and have not hit the KC metro in recorded history) so come on down and have world class BBQ and cheap living! We need more open-minded people here anyway.

      sAra said:
      March 9, 2013 at 11:07 AM

      What a terrific post! Will have to visit your city now–just to meet the people.

      ctjaeger said:
      March 11, 2013 at 3:12 PM

      Sorry, but tornadoes have hit the KC metro area and they aren't infrequent. The ones that have hit over the past 10 years haven't caused a great deal of damage, but they have hit.

    $$$$$$$$$$$$ said:
    March 8, 2013 at 11:43 PM

    I would have burned it right away.
    too many paintings in this world, to much profit made with that stuff.
    nobody would miss it.

      tyler said:
      March 13, 2013 at 12:09 PM

      Yeah you would have burned 30 mil…….idiot.

    wilson said:
    March 9, 2013 at 7:27 AM

    I BUY ALMOST EVERYTHING EXCEPT FOOD AND CLOTHING FROM ONLINE AUCTIONS. MOST PEOPLE AREN'T AWARE OF THE ALMOST UNBELIEVABLE DEALS THAT THEY CAN GET FROM ONLINE AUCTION SITES. THE SITE THAT HAS THE BEST DEALS IS saveBangCom

    and i checked with the better business bureau and was told that it is all legit. how they can sell

    gift cards, laptops, cameras, and all kinds of goodies that we all want for 50-90% off, i don't

    know. i do know that i bought my son an ipad there for less than $100 and my husband a $250

    loews gift cards for $48. why would i even think about shopping anyplace else?

      sAra said:
      March 9, 2013 at 11:09 AM

      No one cares about your spam posts–google sees these as spams so your search engine lift is not what you think it is. Try some valid seo tactics and you'll get better results.

        GoodDay said:
        March 9, 2013 at 12:16 PM

        Lol! You're answering a spam bot

      sAra said:
      March 11, 2013 at 9:24 AM

      F U

        Lordbinder said:
        March 11, 2013 at 2:43 PM

        nice come back. Kinda like shut up or maybe oh yea?!?!?

        I jilted sAra said:
        April 20, 2013 at 10:41 PM

        The wife says no.

    black hairstyles said:
    December 16, 2013 at 1:43 PM

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