Homes

Saturday 26 July 2014

When five bathrooms aren't enough: Billionaire 'furious' over $100m penthouse 'no one wants'

Maria Tadeo

Published 16/05/2014|11:37

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Sometimes, a hedge fund billionaire just can’t catch a break. Just ask Steve Cohen.

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The American investor, art collector and, for some, the Gatsby of our era, is reportedly fuming because he cannot find a buyer for his stunning $100m penthouse suite in New York City. So why is no one interested in his duplex?

Some think this is a case of 'bad karma' stemming from an insider trading scandal that rocked his seemingly perfect life last year: After all, money is not a problem in the Upper East Side and who wouldn't want to live in a house like this?

As for Mr Cohen, well, he's blaming his estate agent for the fiasco.

"Cohen hasn't had a buyer, and he blames his broker for it," one source told the New York Post. "Furious is not the word. He's had enough."

The hedge fund titan put his duplex up for sale in April last year for a whopping $115m. But, despite his generous decision to slash the price to a bargain $98m, the four bedroom property just isn't selling after more than a year on the market without a buyer.

The 9,000-square-foot apartment has five bathrooms, two dressing rooms, touch pads in every room for temperature and lights, and impressive views of Central Park and downtown Manhattan. And he still can't get a buyer.

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Mr Cohen, whose personal net worth is estimated by Forbes magazine to be around $10bn, made headlines last year after his firm, SAC Capital, pleaded guilty to insider trading charges and agreed to pay a $1.8bn fine to settle the case, marking a low point in his stellar run in the world of finance.

Putting his legal troubles aside, the hedge fund magnate is still living large.

Last year, he reportedly took home $2.4bn in compensation, exceeding SAC's $1.8bn fine, and added Pablo Picasso's 'Le Reve' to his impressive art collection for $155m - the highest price ever paid by a US collector for an artwork according to insiders.

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Independent News Service

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