First World Concerns: Portnoy Criticizes NY Post for Feature on Hamptons Villa
A Hamptons real estate scandal broke out this week when the New York Post revealed that Dave Portnoy, founder of Barstool Sports, drastically reduced the price of his mansion on Old Montauk Highway to $10.5 million. This sparked rumors that he's in financial trouble. However, Portnoy insists that his property is not for sale and never has been.
The Post cited anonymous Wall Street sources who claimed that Portnoy slashed his asking price just weeks before Penn Entertainment (NASDAQ: PENN) publicly announced its sports betting partnership with ESPN and the sale of Barstool Sports. Portnoy took to his social media platform, X, to set the record straight:
"Sweet article. However (double checks notes), my Montauk house is not for sale and has never been for sale. Other than that this was a great read," he posted.
In another X post, Portnoy clarified that the property mentioned in the article, featuring five bedrooms and five full bathrooms, is not actually his house, which is located at 225 Old Montauk Highway.
Addressing Speculation of Financial Problems
So far, there's no concrete evidence that Portnoy is facing money issues. Based on his financial records, it's highly improbable.
Portnoy regained ownership of Barstool from Penn for just $1. Analysts estimate that the media company is worth at least $600 million. Additionally, Penn's recent SEC filing revealed the company registered 1.25 million shares that Portnoy can sell in the future. As of today's market close, those shares are worth $28.67 million.
If Portnoy were to sell those shares, he'd still be left with 226,800 shares - worth $5.2 million at today's market price of $22.94.
A recent example refutes the possibility of Portnoy's financial woes. Last week, he spent $650,000 on a racehorse.
Hamptons Real Estate and the Sports Betting Industry
Portnoy isn’t the only Hamptons homeowner with ties to the sports betting industry. Michael Rubin, founder of Fanatics, recently purchased a $50 million mansion in the area, hosting a star-studded Fourth of July party there.
Another sports betting entrepreneur, New England Patriots owner Bob Kraft, also lives near Rubin's mansion.
The priciest Hamptons real estate transaction in 2022 was the $84.5 million sale of Ron Perelman's East Hampton property. Perelman sold most of his shares in Scientific Games, which is now known as Light & Wonder (NASDAQ: LNW), in late 2020 for $1 billion.
Read also:
- Leipzig battles for top attacker Sesko.
- Tim Schreiber, victor in Bayern, joins Dresden's team.
- Uncovering the dietary guidelines of an 96-year-old celebrity.
- Gladbach's key players in their title pursuit!
Source: www.casino.org
