Apparently Steven Cohen’s Manhattan apartment wasn’t a suitable home for Picasso’s “Le Rêve.” After dropping $155 million on the second most expensive painting of all time, the hedge fund manager has purchased an upscale East Hampton estate for $60 million and listed his Bloomberg Tower duplex for $115 million, The New York Times reports.
The billionare’s buying spree comes at a time when his SAC Capital is under scrutiny for insider trading, facing a $602 million settlement that could come straight out of Cohen’s pocket. U.S. District Judge Victor Marrero today raised questions over a provision allowing SAC to avoid admitting it did anything wrong, ending an hourlong hearing without saying how he will rule on the case.
While waiting for the verdict, Cohen can claim his first oceanfront Hamptons property. He reportedly purchased another home on the same street in 2007, but this is his first escape right on the water.
“It has a pool, tennis court, media room, etc., but the most important thing about it is that is has an ocean view,” Business Insider reports.
It’s not a surprising choice — several members of Wall Street’s elite, including Goldman Sachs CEO Lloyd Blankfein, have beachfront properties in the area. Robert B. McKeon, a founding partner of Wasserstein Perella investment bank, previously owned Cohen’s new home, according to The New York Times.
Hopefully the $60 million is worth it; Cohen paid a hefty sum compared with the East Hampton median home value of $2.24 million.
If his Bloomberg Tower duplex sells, however, it will allegedly be the highest-priced sale to date for a Manhattan apartment. Cohen reportedly paid about $24 million for the 10,000-square-foot property.
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