Oheka Castle sold for $72 million
New owners promise to preserve the structure while a pending condo plan and bankruptcy proceedings complicate the estate's immediate future.
By Natalie Cooper ·
A 127-room historic estate in Huntington, New York, changed hands for $72 million in a private auction held in late October 2026. The property, known as Oheka Castle, was purchased by Gold Coast Property & Management LLC, a firm recently formed by Ronald Browning and Paul Alflen. Six other bidders participated in the 90-minute sale, which took place at a Manhattan hotel.
The sale concludes a 42-year tenure for Gary Melius, 82, who acquired the crumbling estate in 1984. Melius, who still resides at the castle, stated that the sale will allow him to clear approximately $60 million in debt to a secured creditor and between $8 million and $10 million owed to unsecured creditors and for professional fees. He filed for federal bankruptcy protection in 2025 to prevent a foreclosure sale. Melius plans to continue living at the estate and may manage the grounds after the transaction closes.
The estate was originally built between 1914 and 1919 as a summer residence for German-born financier Otto Herman Kahn. Kahn named the property Oheka as a play on his initials, OHK. The 443-acre property includes a restaurant, a catering hall, and a hotel with 34 guest rooms and suites. The site is located north of Jericho Turnpike in the Cold Spring neighborhood and is listed on the National Register of Historic Places.
Melius invested an estimated $60 million in refurbishing the structure over the decades. He opened the estate to the community for gatherings and holiday celebrations. The property has hosted weddings, senior proms, and political events for decades. It has also served as a filming location for movies including Citizen Kane, The Emperor’s Club, The Great Gatsby, and What Happens in Vegas. In 2014, Melius was shot and wounded at the estate in a case that remains unsolved.
Paul Alflen, one of the new owners, told the Long Island Press that he and Browning are
very excited
to take over the property. Alflen stated,
We’re going to keep the castle as is,
addressing resident concerns about structural changes. He described the estate as a
magical place
and said the buyers are
looking at all options
Source: Long Island Press
