Saturday, May 3, 2014

Suddenly a New U.S. Record--$147 Million

Hedge fund manager Barry Rosenstein paid $147 million for this Hamptons abode.

Just when we were comfortable that Copper Beech Farm in Connecticut was going to be the standing record for a U.S. home sale, a place in the Hamptons in New York went and broke it.

The 18-acre beachfront property was owned by Tweedy Browne managing director Christopher Browne, who died in 2009.  His will left his entire estate to his boyfriend, which of course meant other family members sued.  Part of the eventual settlement in 2012 was that Andrew Gordon could stay there as long as he lived (he was dying of cancer).  After his passing, the house was quickly sold by the relatives without using the usual high-end brokers in that area (or paying their commissions).  The NY Post article notes the angst that caused among the brokers.  The property was purchased by hedge fund manager Barry Rosenstein of Jana Partners.

The $147 million selling price easily tops the $120 million for the Connecticut estate, which had been on the market for some time and went through several price cuts.