Billionaire Steven Cohen Buys $60M East Hampton Mansion
Billionaire Steven Cohen who has been in the news for a financial scandal with regards to his firm SAC Capital Advisors, is also on a high profile shopping spree. After the $155 million purchase of the ‘Le Reve’ painting from casino billionaire Steve Wynn, Cohen has gone ahead with the $60 million purchase of an East Hampton mansion on Long island. The area known as a favorite of other Wall Street investors, is mainly famous for its pristine views of the water ways around the place, and Steve Cohen’s property is known to face the sea directly. This however, isn’t his first real estate purchase in the area, as he already had another property along the same lane as this one. It seems the legal net around him simply isn’t stopping him from making his purchases, even though others just might be a bundle of nerves.
The legal case surrounding Steve A.Cohen’s SAC Capital Fund Advisors, is with relation to insider trading charges, especially on contracts which were known to have been carried on with his full accent. If held guilty by the local court, the $602 million settlement could come straight out of his pocket, which in turn could dent a part of his total net worth, stated to be in the region of $10 billion. But, that has so far evaded his list of worries as he goes ahead and picks up real estate as he pleases.
This concerned property is known to have 10,000 sq ft of living space, on an estate spread over 7 acres. It known to have a tennis court, swimming pool, high ceilings in almost all parts of the house, antique oak and limestone detailing. Also, there is a separate media room, where Steve Cohen could indulge in some music or movies, or perhaps spend his laziest day in the master suite, which is directly has views of the ocean. That should be a sharp contrast to the Bloomberg tower apartment, which he has put on the market for an asking price of $115 million, or the Greenwich mansion where he generally tends to stay.
Trivia: However, there is a spooky history to this property. The previous owner, Mr. Robert B.McKeon, who was the co-founder of the Wasserstein Perella investment bank, had committed suicide but it is not known whether it was in this property itself.
Via: Business Insider