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Have you been looking for a modern house in Sagaponack? Beautifully presented, right on Fairfield Pond, with ocean views? Then have we got a place for you. If you move fast, we bet you can make a really good deal right about now.
Why? The owners, Philip and Lisa Falcone, are being sued. “Melody Business Finance LLC […]is undertaking a so-called uniform commercial code foreclosure and on April 13 will publicly auction interests in Falcone’s properties at 142 Crestview Drive, Sagaponack, and 22 East 67th St. in New York. Melody is working with a Newmark team that includes Dustin Stolly, Jordan Roeschlaub, Daniel Fromm and Brock Cannon on the collateral auction,” Bloomberg reported.
Falcone, a former billionaire, is the founder of Harbinger Capital, a hedge fund that managed $26 billion at its peak in 2008. But US regulators accused him of borrowing from the fund to pay personal taxes, as well as other misdeeds. Falcone admitted no wrongdoing when he settled with the Feds, although he was barred from the securities industry for at least five years. Last year he and wife Lisa were sued for defaulting on $65.8 million in loans and violating the terms of lending agreements by selling two paintings used as collateral, including a Warhol.
So what does this mean to you, Joe and Sally Househunters? You can presumably make a good deal by scooping up this place. Gary DePersia at Corcoran has the listing. There is a massive 14,000 square foot house, with 8 bedrooms, 9 baths, and 5 half baths, as well as the usual rich-person amenities: roof deck, multiple outdoor seating areas, waterfall, pool, rec room, billiards room, home theater, and our favorite, the spa room with hot tub and cold plunge. Everything has been thoughtfully designed with interesting textures and natural materials, and we really like how comfortable every room looks. Downside is the lack of a tennis court (no room). We say so what, play on someone else’s court.
Asking price is $27.95 million, which we think is pretty realistic, given the many amenities and Crestview’s proximity to the ocean. However–owner should be motivated, shall we say. Good luck, Joe and Sally.
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