First World Problems: Portnoy Chides New York Post on Hamptons Mansion Article
A Hamptons tangible estate tilt was sparked Th when the New House of York Post reported Barstool Sports beginner Saint David Portnoy dramatically cut off the toll of his mansion house on Old Montauk Highway, implying he’s “desperate for cash.” Thing is Portnoy said his dimension inwards the tony East Long Island surface area isn’t for sales event and ne'er has been.
The Post cited unidentified sources on Wall Street that take simply two weeks prior to Penn Entertainment (NASDAQ: PENN) announcing its sports wagering business deal with ESPN and the sales agreement of Barstool Sports, Portnoy pared his asking cost on the palatial holding to $10.5 million, well to a lower place the archetype asking cost of $13 million. Portnoy took to X, formerly Twitter, to straighten out things up.
Sweet article. However (checks notes). My Montauk domiciliate is not for sales agreement and has never been for sale. Other than that this was a great read,” he wrote on the societal media platform.
In a subsequent xeet (tweet), the Barstool boss noted that dimension existence referenced by the Post, which features fivesome bedrooms and quint full bathrooms, is situated at 225 Old Montauk Highway, but that’s non his house.
Portnoy Probably Doesn’t Have Money Problems
Until he confirms otherwise, it’s simply venture that Portnoy is dealing with financial problems. On paper, it’s unlikely.
He reacquired Barstool from Penn for just $1. Some analysts trust the media property is worth at least $600 million. Additionally, lowest hebdomad Penn registered 1.25 zillion shares that Portnoy tin sell in the future. As of today’s close, those shares are worth $28.67 million.
Even if Portnoy were to sell those shares — he’s said he has no more plans to dumpsite any Penn stockpile over the near-term — he’d noneffervescent make 226,800 shares left. That’s $5.2 trillion based on today’s closure price of $22.94.
A recent anecdote confirms Portnoy potential isn’t hurting for money. Last week, he shelled out $650,000 on a rush horse.
Gaming Presence inward the Hamptons
Portnoy isn’t the only when Hamptons property possessor mired inwards the sports wagering industry. Fanatics founder Michael Rubin late doled come out $50 million for a Hamptons mansion, using the dimension to innkeeper his celebrity-studded Fourth of July “White Party.”
New England Patriots possessor Bob Kraft, who has invested in several sports wagering companies, owns a house close Rubin’s.
In 2022, the to the highest degree expensive Hamptons real estate transaction was the $84.5 one thousand thousand sales event of Bokkos Perelman’s East Hampton estate. Perelman previously was the largest single(a) shareholder inward Scientific Games, which is now Light & Wonder (NASDAQ: LNW). He sold his $1 1000000000 stake in the keep company in tardily 2020.
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