That’s chump change for this guy--why would he care if the market fell 20 or 30%, other than maybe for ego/pride reasons?
Posted by Anonymous on 12/31/1969 at 03:00 PM
Fund Manager Loeb Dropping $45 Mil on CPW Condo
Tuesday, November 22, 2005 - 8:38 am
What to make of the news that hedge manager Daniel Loeb is dropping $45 million to buy a 10,000-square-foot penthouse in the old Mayflower Hotel at 15 Central Park West? Does the fact that Loeb, the feisty, confrontational and prolific founder of the $3.6 billion hedge fund Third Point LLC, is paying the highest price ever for a New York apartment suggest that fears of a real estate meltdown are overblown or just that this guy has so much fuck-you money that he just doesn't care?
$45 Million Apartment [NY Post]
15 CPW Sets Enthusiasm Record [Curbed]
Comments:
apartments like these are de rigueur for hedge fund honchos, aren’t they?
Posted by on 12/31/1969 at 03:00 PM
Just a rounding error fir someone like Loeb. After all, you do need a place to show off your art collection.
Posted by Kel on 12/31/1969 at 03:00 PM
His hedge fund was down a whopping 9.8% in October, so he personally probably lost about $50 million in fees. Though he is still up 11.5% for the year, figure that is about $70 million or so to help him pay for the apartment.
Posted by on 12/31/1969 at 03:00 PM
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Posted by on 12/31/1969 at 03:00 PM
Loeb made 120 million in 2003 and somewhere around 60 million in 2004. His fund was just at 1.7 billion at the end of ‘04 as well.. Now it’s more than doubled. He has plenty of money to throw around.
Posted by on 12/31/1969 at 03:00 PM
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