Troubled hedge fund sitting on real estate gold

Hedge fund manager Steve Cohen's company SAC plead guilty earlier this month to insider trading and he is paying off the fine that they now owe the government by selling and subletting a portion of the vast real estate holdings. All together, they owe the government $1.2 billion in fines and Cohen has begun to sell some of his personal properties as well to help pay the large sum. He sold or is in the process of selling several properties in the New York area, including a mansion in Greenwhich, Conn. that is worth $23.1M, a duplex in midtown worth $115M, and two properties in West Village that total $62.2M together. There are also homes in East Hampton that are said to equal $62.5M and $18M.
SAC also owns quite a bit of what is considered luxury office space with offices in Connecticut, New York, Boston, England - though their London office is set to close down - Singapore, Hong Kong, China and Japan. It us not yet clear if they will be renting out or selling many of these properties to help pay the fine.

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POSTED November 27 2013 12:46 PM

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