Sunday, 29 May 2016
Last updated 1 day ago
Jan 17 2014 | 4:08am ET
SAC Capital Advisors founder Steven Cohen has reportedly put the massive East Hampton, N.Y., mansion he bought last year on the market.
Cohen's purchase of 52 Further Lane for $62.5 million is the most expensive in Hamptons history. But less than a year later, in the wake of his firm's guilty plea to insider-trading charges, Cohen is seeking to privately sell the 10,000-square-foot, oceanfront estate, the New York Observer reports.
A spokesman for Cohen denied that either 52 Further Lane or 96 Further Lane, which Cohen bought in 2007, are currently for sale.
If they are, it is unclear why. SAC has agreed to pay $1.2 billion in fines to settle the criminal insider-trading charges, most of which will come from Cohen's pocket. SAC also agreed to cease managing outside capital, which means that Cohen will no longer be earning the sizeable fee income that he has become used to.
One source told the Observer that Cohen, who is also facing a Securities and Exchange Commission lawsuit seeking to bar him from trading, is selling to raise money to cover the fines. Another, a lawyer reportedly familiar with the transaction, said it is because Cohen and his wife, Alexandra, believe that East Hampton is "too Jewish." Cohen is Jewish, but Alex is Catholic.
Cohen's spokesman told the Observer that "the outrageous remark attributed to Mr. Cohen is absolutely fabricated, false and despicable."
Cohen is trying to sell his Manhattan apartment at the Bloomberg Tower, seeking $98 million.
The Observer reports than an Australian buyer has expressed interest, but it isn't clear that he or she would be willing to pay what the Cohens paid last year.