Just two and a half weeks after news broke that a Connecticut estate traded hands for $120 million–becoming the most expensive home sale ever – an East Hampton property has shattered that record, selling for $147 million.
Hedge fund manager Barry Rosenstein, of Jana Partners, is the buyer, according to the New York Post, which broke the story. Thanks to his estimated $140 million in earnings during 2012, Rosenstein ranks number 29 on Forbes’ list of Highest-Earning Hedge Fund Managers.
Prior to the East Hampton sale, America’s most expensive home sale was Copper Beech Farm in Greenwich, Conn., which traded hands for $120 million earlier this year. Before the Copper Beech sale, Softbank billionaire Masayoshi Son held the record, thanks to spending $117.5 million on an estate in Woodside, Calififornia.
The $147 million home at 60 Further Lane in East Hampton once belonged to Christopher H. Browne, of the Tweedy, Browne Company value investment firm, and his partner Andrew Gordon. Browne bought the 18-acre property in 1996 according to the New York Times, but because of a deal he struck allowing the seller (Elizabeth Fondaras, widow of Anastassios Fondaras, a former managing director for Stavros Niarchos’s shipping empire) to stay in the home for several summers, Browne focused his efforts on the grounds for several years. As a result, the 18-acre estate has lavish gardens.
Browne and Gordon tore down the old home and replaced it with a modernist property that Gordon designed. But they had very little time to enjoy the property together. Browne died of a heart attack in 2009. He left most of his estate to Gordon, and a family fight reportedly ensued over the will. Gordon died last fall, and the family began to shop the house around.