American billionaire Steve Cohen 'furious' over $100m penthouse 'no one wants'

The hedge fund titan is struggling to find a buyer for his Manhattan duplex

Maria Tadeo
Friday 16 May 2014 16:33
Comments

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

The American investor, art collector and, according to some, the Gatsby of our era cannot find a buyer for his luxurious $100 million 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... he's apparently 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 $115 million. But, despite his generous decision to slash the price to a bargain $98 million, 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.

Mr Cohen, whose personal net worth is estimated by Forbes magazine to be around $10 billion, made headlines last year after his firm, SAC Capital, pleaded guilty to insider trading charges and agreed to pay a $1.8 billion 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 $2.4 billion in compensation, exceeding SAC's $1.8 billion fine, and added Pablo Picasso's 'Le Reve' to his impressive art collection for $155 million- the highest price ever paid by a US collector for an artwork according to insiders.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged in