Saba Chief Buys Clark Penthouse On Central Park

Jun 4 2012 | 12:45pm ET

Saba Capital Management founder Boaz Weinstein has some fancy new digs in which to celebrate his lucrative victory against JPMorgan Chase in the latter's $3 billion (and growing) trading disaster.

The former Deutsche Bank trader has agreed to pay $25.5 million for the Fifth Avenue apartment formerly owned by the late copper heiress Huguette Clark. And unlike previous parties interested in the 14-room penthouse—namely, the prime minister of Qatar, who offered $31.5 million—Weinstein and his wife, Rhodes Scholar and assistant U.S. Attorney Tali, won the approbation of 907 Fifth Avenue's notoriously tough co-op board. The couple have been negotiating for the digs since they went on the market in March.

The oak-paneled apartment is in need of some serious renovation, the New York Post reports. The reclusive, eccentric Clark, who died last year at the age of 104, had not lived in the apartment—or at two others she owned in the building—in decades. But her doll collection did, and she paid a cleaning staff to pay weekly visits to the apartment to keep both cleaned and maintained. First on the list of upgrades include the electrical system and plumbing.

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Editor's Note

    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…