Portnoy Clarifies: He’s Not Selling Hamptons Mansion Despite Previous Post


Last updated on: August 18, 2023, 03:51h.

A controversy surrounding Hamptons real estate has emerged, as Barstool Sports founder David Portnoy faces allegations of cutting the price of his mansion on Old Montauk Highway, suggesting financial desperation. However, Portnoy has vehemently denied these claims, stating that his property in the exclusive East Long Island area has never been listed for sale.

David Portnoy Hamptons
Barstool Sports founder David Portnoy. The New York Post says he’s selling his Hamptons mansion. He says otherwise. (Image: Boston.com)

The New York Post cites anonymous Wall Street sources claiming that Portnoy dropped the asking price of his luxurious property to $10.5 million, down from the original listing of $13 million, shortly before Penn Entertainment (NASDAQ: PENN) announced its sports wagering agreement with ESPN and the sale of Barstool Sports. Portnoy has taken to social media to deny these allegations, clarifying that the property mentioned in the report, situated at 225 Old Montauk Highway, is not his.

Sweet article. However (checks notes). My Montauk house is not for sale and has never been for sale. Other than that this was a great read,” he wrote on the social media platform.

Despite these rumors, it is unlikely that Portnoy is facing financial difficulties. Notably, he reclaimed ownership of Barstool from Penn for a mere $1, with some analysts valuing the media company at more than $600 million. Additionally, Portnoy has registered 1.25 million shares that he can sell in the future, which are currently worth $28.67 million.

Even if Portnoy were to sell these shares, he would still retain 226,800 shares, equating to $5.2 million based on the current closing price of $22.94.

A recent example highlighting Portnoy’s financial stability is his expenditure of $650,000 on a racehorse.

Growth of Gaming in the Hamptons

Portnoy is not the only sports wagering industry figure who owns property in the Hamptons. Fanatics founder Michael Rubin recently acquired a mansion for $50 million, using the estate to host his renowned Fourth of July “White Party,” attended by numerous celebrities.

New England Patriots owner Bob Kraft, a prominent investor in various sports wagering companies, also owns a house near Rubin’s property.

In 2022, the highest-priced real estate transaction in the Hamptons was the $84.5 million sale of Ron Perelman’s East Hampton estate. Perelman was formerly the largest individual shareholder in Scientific Games, now known as Light & Wonder (NASDAQ: LNW), before selling his stake for $1 billion in late 2020.

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