Tuesday, 30 August 2016
Last updated 23 min ago
Oct 19 2012 | 7:49am ET
Harbinger Capital’s Philip Falcone and his always colorful wife Lisa Marie are holding a yard sale, so to speak. The embattled hedge fund manager, who in June was charged with fraud by the Securities and Exchange Commission, is hawking 36 acres of land the couple owns in the Hamptons. The property, in Water Mill on Deerfield Road, is listed by real estate firm Corcoran for $7.995 million.
According to an online listing, the lot, Wild Acre Farm, encompasses more than 36 acres and “present[s] a variety of interesting scenarios along the farm fields of Water Mill's Deerfield Road. With each lot having room for a significant house, pool, pool house and tennis court and the reserve capable of hosting a significant equestrian facility, the possibilities for fertile minds seems endless.”
The SEC lawsuit—which Harbinger’s lawyers are aiming to have dismissed— is only one of the issues that have hounded Falcone his hedge fund in recent years. The firm has seen its assets dwindle due to difficulties faced by its largest investment, wireless Internet venture LightSquared, which Harbinger put into bankruptcy protection earlier this year.