Monday, 30 November 2015
Last updated 35 min ago
Dec 17 2010 | 12:42am ET
Harbinger Capital Management founder Philip Falcone seems to be in need of an awful lot of cash these days.
Falcone and his wife, Lisa Maria, took a $22.5 million mortgage on their Upper East Side townhouse in the spring, The Wall Street Journal reports. The couple bought the home—one of the largest in Manhattan, formerly owned by Penthouse founder Bob Guccione—just two years ago for $49 million. In cash.
The mortgage followed a $113 million loan Falcone took from Harbinger's hedge funds last year to cover a tax bill. More recently, the Falcones secured a loan for an unspecified amount, putting up some of their art collection as collateral.
The East 67th Street home, with its 27 rooms, had no mortgage on it before May. The mortgage is of the 30-year adjustable-rate variety, with an initial rate of 2.357%. Citigroup provided the loan.
"This is a normal ordinary course mortgage financing on Mr. Falcone's home that was completed seven months ago and has no relevance to Harbinger Capital Partners' business or its investors," a Falcone spokesman said.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…