Hedge Fund Manager Buys Astor Estate

Apr 30 2012 | 10:35am ET

A hedge fund manager is the proud new owner of the beloved estate of one of New York's best-known socialites.

Elm Ridge Capital's Ronald Gutfleish and his wife, Stacey Sorrow, bought Brooke Astor's 65-acre Westchester County estate in December. Astor, who died in the 85-year-old mansion in 2007 at the age of 105, had owned the Briarcliff Manor home for 47 years.

Gutfleish and Sorrow paid just $6.45 million for the 10-bedroom, 11-bathroom home, just half its initial listing price of $12.9 million. The estate, which includes a caretaker's cottage, guest house and garage in addition to the main house, as well as a 20-acre vacant lot, went on the market in 2008.

Gutfleish and Sorrow, who currently live in Dobbs Ferry, about 10 miles south of Briarcliff Manor, closed on the estate, which Astor called Holly Hill, in December. The couple began to renovate the main home this month.


In Depth

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Future of Private Equity: New Opportunities, New Challenges

Feb 3 2017 | 6:41pm ET

The private equity industry’s astonishing rebound since the financial crisis has...

 

From the current issue of