SAC's Cohen Buys $60M Hamptons House, Seeks $115M For N.Y. Apt.

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.


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.