Hedge fund titan, Steven Cohen is buying and selling his real estate with the same supersonic speed with which he buys and sells stocks. He recently bought a $60 million beachfront property on Further Lane in East Hampton. The interesting bit is that he already owns a house right down the road from this new one. He bought that one 2007 for approximately $18 million. The old one does not have an ocean view though. In the meantime, he has put up his Manhattan duplex apartment in the Bloomberg Tower on Lexington Avenue for sale, with an asking price of $115 million. If he gets his asking price, it would become the most expensive apartment sale in Manhattan. He had originally bought the apartment in 2005 for $24 million.
If you thought that buying a $60 million house might be a big enough purchase for a week, think again. The man had bought Picasso’s “La Rêve” from casino mogul Stephen Wynn for a whopping $155 million! This hefty sum makes it one of the most expensive private art deals till date. But his pricey purchases aren’t the only things that have brought Mr. Cohen in the news. His hedge fund, SAC Capital Advisors is the focus of a government inquiry into insider trading in various hedge funds. He recently signed two settlements, paying $616 million to federal securities regulators in order to resolve accusations of illegal practices at his company. This money will most probably will have to come out of his own pockets. But worry not, his pockets are very deep. $10 billion deep was a recent estimate.
His new summer abode spans 10,000-square-feet, and sits on seven acres of lush green property with a tennis court and a swimming pool. The house has a master suite overlooking the ocean and six other bedrooms. It has limestone floors, antique oak furniture, and high ceilings. The house was previously owned by Robert B. McKeon, who was a founding partner of the investment bank Wasserstein Perella. However, sadly in September, he committed suicide. It is unclear whether Mr. Cohen will sell his older Hamptons property. His primary abode is in Greenwich, Connecticut.