Sold! Most Expensive Property In U.S. Goes to Hedge NY Fund Manager Barry Rosenstein - The Jewish Voice
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Saturday, July 2, 2022

Sold! Most Expensive Property In U.S. Goes to Hedge NY Fund Manager Barry Rosenstein

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The 18 acre beach front estate is the most expensive proerty in the U.S.
The 18 acre beach front estate is the most expensive proerty in the U.S.
Barry Rosenstein, the hedge fund manager of Jana partners, is paying $147 million for a property on exclusive Further Lane in East Hampton. The purchase , an 18 acre beachfront property, was the former house of Christopher H. Browne – managing director of the Tweedy, Browne company investment firm and his boyfriend architect Andrew Gordon.

Browne passed away in December 2009 and had left almost his entire estate to Gordon. Gordon has also passed away losing a battle to cancer in 2013. Back in 2012, Gordon had made a private settlement with those relatives of Browne that had challenged his will. He was allowed to stay in the house until his death. After Gordon’s passing the house was put up for sale by Browne’s relatives although they kept it private and free from broker involvement in an effort to avoid costly brokerage fees.

A standard 3% fee on a sale of $147 million would be $4.41M Top notch brokers were critical of the estate’s handling of the “inside deal” stating that “they did not get top dollar because the house was not put out on the open market”. High profile real estate in Manhattan or the Hamptons can sometimes attract a bidding war among the uber rich and drive prices to highs not otherwise anticipated. As it is this sale will set an all time U.S. record. Just a few months ago billionaire Alice Walton is said to have bid $5 million above the next interested party for a property (Condo) on the exclusive Fifth avenue.

The property boasts television star Jerry Seinfeld, art dealer Larry Gagosian and fellow hedge fund manager Jim Chanos as it’s neighbors. The deal tops the $103 million Ron Baron paid in 2007 for an undeveloped 40 acre parcel which is also located on Further Lane. It is reported that a 28,000 square-foot mansion will be going up.

Barry Rosenstein is the founder and Managing Partner of JANA Partners LLC $8B AUM, an event driven hedge fund located in New York. JANA Partners applies a private equity style research approach to the public markets, focusing on companies with a compelling valuation and various catalysts to realize value. In addition to fundamental investing, JANA has a proven track record in activist investing.

Prior to establishing JANA, Mr. Rosenstein was the founder and Managing Partner of Sagaponack Partners, a private equity fund. Mr. Rosenstein began his career as an investment banker specializing in mergers and acquisitions with Merrill Lynch in New York and was also a principal in charge of corporate takeover for Asher Edelman’s Plaza Securities Corporation. Mr. Rosenstein graduated from Lehigh University in 1981 (Phi Beta Kappa) and he earned a Masters of Business Administration from the University of Pennsylvania’s Wharton School of Business in 1984.

Mr. Rosenstein is a trustee of Brown University, the US Olympic Foundation, and the 92nd Street Y in New York City, and a board member of Make the Road New York.

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