Exclusive | Fallen hedge fund star Phil Falcone has parted ways with his final trophy home for $14M all-cash
Phil Falcone — a fallen hedge fund star once worth more than $2 billion stemming from his subprime mortgage bet — and his wife Lisa Maria Falcone, have sold the last of their trophy homes: a modern beach mansion in Sagaponack, Gimme Shelter has learned.The residence, at 142 Crestview Lane, has traded hands for $14 million in an all-cash deal, sources told Gimme exclusively.Info on the new owner was not available.“This is a magnificent house that could not be built today — on a pond-front acre in Sagaponack so close to the ocean,” said listing broker Gary DePersia of Corcoran.
(The buyers’ broker for the Sagaponack residence was Morgan McCarthy of Compass.) “It was built to the highest standards, with little regard for cost and included almost every bell and whistle you could think of.It took a while to find a buyer, as there were some repair issues.
The new owner pursued this property doggedly and promises to restore it to its original luster.I, for one, cannot wait to see the results.”The seven-bedroom, 14,000-square-foot mansion first listed for $27.95 million in 2021.
That was the year that Falcone’s debt had ballooned to $100 million, according to reports. Falcone owed multiple creditors — including an attorney, a limousine company, ex-employees and the IRS, according to the Wall Street Journal. Trouble blew up in 2013, when the Securities and Exchange Commission banned his hedge fund, Harbinger Capital, from operating for five years.It was part of a settlement after Falcone admitted he took a $113 million loan from one of his funds to pay personal taxes, according to reports.
By 2020, Harbinger’s assets under management were down to $336 million — a drastic drop from its $26 billion heyday under management a decade earlier, according to reports. Since then, Falcone has moved into developing “decentralized” broadcast and streaming content.He did not return The Post’s calls seeking comment. A marble waterfall wall and a s...