Billionaire Hedge Fund Manager Steve Cohen Tears Down His $62 Million Mansion.
Steve Cohen has demolished his 10,000-square-foot mansion in East Hampton and plans to build a new home on the lot with more than double the square footage
Cohen first bought the home in 2013 for $62.5million, the same year that Cohen’s firm, SAC Capital Advisers, was shut down for insider trading
Cohen now manages a ‘family office’ called Point71 Asset Management
Billionaire hedge fund manager Steve Cohen has torn down his East Hampton, New York home so that he can build a completely new house to his personal specifications.
Cohen bought the mansion on Further Lane for $62.5million in 2013 – the same years that his firm SAC Capital Advisors was shut down for insider trading.
The 59-year-old financier was ordered to pay $616million for the scam, but he was allowed to start a so-called ‘family office’ and continues to live a plush life with homes in New York, Connecticut and Los Angeles.
Hedge fund manager Steve Cohen has town down this home in East Hampton that he bought for $62.5million in 2013 and he plans to replace the home with a brand new 24,000-square-foot mansion
Cohen bought the home the same years that his hedge fund was shut down for insider trading. Cohen was ordered to pay a $616million fine, but then was allowed to start his own family office
He is so flush with cash that instead of remodeling his Hamptons home, he is tearing the whole thing down and starting from scratch.
According to the New York Post, which obtained building permits for the home, Cohen is tearing the 10,000-square-foot mansion down and rebuilding a 24,000-square-foot mansion in its pace.
The first floor will be 9,700-square-feet and the basement will be an additional 80 square feet, with a 4,620-square-foot second floor. The seven acre property will also feature a pool and pool house.
Investment banker Robert McKeon previously owned the home, before committing suicide.
Before it was demolished, the home featured high ceilings, antique oak and limestone floors with a barn-style family room, media room and a large master suite with ocean views.
Cohen’s new home will be located just down the street from another property he owns on Further Lane, which he bought for $18million from fellow hedge funder James Chanos.
Real estate seems to be dominating a lot of Cohen’s life right now. He recently bumped the asking price for his 9,000-square-foot Manhattan apartment at One Beacon Court down from $115million to $72million