Sunday, 30 April 2017
Last updated 1 day ago
Mar 28 2013 | 9:47am ET
SAC Capital Advisors founder Steven Cohen may have to write a $616 million check today, but he isn't letting his firm's settlement with the Securities and Exchange Commission cramp his lifestyle.
To the contrary: Cohen has been wheeling and dealing in both the art and real-estate markets in recent weeks. His latest purchase is a $60 million beach house in the Hamptons, which follows on his purchase of a Pablo Picasso paining for $155 million.
Cohen's new East Hampton digs are down the road from his current Hamptons getaway on Further Lane. Unlike his existing Long Island property, which Cohen bought for about $18 million in 2007, the new home's view of the ocean is not blocked by Kynikos Associates founder James Chanos' waterfront home.
52 Further Lane, among the most expensive sales ever in the tony Hamptons, is 10,000 square feet and sits on seven acres. There's a pool and a tennis court and seven bedrooms, including a "large oceanview master suite," according to the listing. The house was only put up for sale last week.
Cohen isn't only buying, however: The great trader is also selling. According to The New York Times, he's quietly offered some of his art collection for sale. And he's less quietly put his Manhattan apartment on offer, seeking $115 million—which would make it the most expensive apartment ever sold in Manhattan. Cohen bought the 10,000-square-foot duplex, in the Bloomberg Tower on Manhattan's East Side, for about $24 million in 2005, when the building opened.
Cohen, whose primary residence is in Greenwich, Conn., and who is worth an estimated $10 billion, bought a home in Manhattan's West Village last year for $38.8 million. It is unclear whether he plans to sell his current East Hampton home.
SAC's $616 million settlement with the SEC, which covers two insider-trading cases, is set to go before a judge this morning.