Falcone Cuts Deal On Summer Rental

Jun 24 2011 | 12:01pm ET

Harbinger Capital Partners chief Philip Falcone has managed to swing a cut-rate vacation in the Hamptons, according to the New York Post.

Falcone will summer at the 10-bedroom, 18,000-square-foot Stone Meadow Farm (a property he once bid on) for about $700,000, or 30% off the asking price.

Falcone lost a bidding war for the property (which Mariah Carey rented in 2008) to heiress and entertainer Isabel Rose, who paid $12.5 million for it in 2009. Instead, says the Post, he decided to build his own home in Sagaponack, but that project is about six months from completion.

Falcone should be in for a comfortable two months at the "farm" which includes a spa, media room, tennis court and horse stables.

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