Sunday, 23 November 2014
Last updated 1 day ago
Jul 18 2014 | 11:10am ET
SAB Capital Management founder Scott Bommer didn’t get anything close to what he wanted for his Southampton, N.Y., estate, but he’s still set to turn a tidy profit on a property he owned for just seven months.
Bommer’s Wooldon Manor has sold for more than $80 million, after about three months on the market. Bommer had sought $98 million for the 14.5-acre estate, which he bought in December for $75 million before spending $93.9 million to buy three adjoining properties in East Hampton.
The sale came in two parts: One buyer has bought the historic 10,000-square-foot mansion on five acres and an adjoining two-acre parcel for $50 million, The Wall Street Journal reports. The rest of the property has been cut into three plots and sold to a developer.
Bommer’s purchase of Wooldon Manor set a record for a Hamptons house—one that was shattered in May, when Jana Partners’ Barry Rosenstein spent $147 million for an 18-acre East Hampton estate. Wooldon Manor sits on one of Southampton’s most sought-after streets, Gin Lane, and overlooks both the ocean and Lake Agawam.
The identity of the buyers was not revealed. The sales are expected to close within a few weeks.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...