The Real Deal New York

Corcoran sues over record $147M sale of Hamptons mansion

Brokerage claims it was cut out of the transaction by buyer, fund manager Barry Rosenstein

July 24, 2014 08:30AM

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From left: Barry Rosenstein, his $147 million estate and Pam Liebman

From left: Barry Rosenstein, his $147 million estate and Pam Liebman

The sale of the country’s most expensive residential property has resulted in a multimillion dollar lawsuit.

Barry Rosenstein, founder of hedge fund Jana Partners, bought the mansion in East Hampton in May for $147 million. Now, brokerage Corcoran claims that it is owed $8.82 million in commission and damages after the firm was allegedly cut out of the deal. Corcoran maintains that it was hired as the broker to sell the property.

Rosenstein bought the 18-acre, beachfront estate from its former owners Christopher Brown and Andrew Gordon.

The lawsuit was filed on Wednesday in Suffolk County.

According to the suit, Corcoran President Pam Liebman and broker, Tim Davis, met with the trustees of the estate in January. The suit alleges that they had exclusively been picked to market the property for $150 million. Rosenstein reportedly thought the price was too high and brokered a deal with the estate’s representatives.

“This dispute is between the sellers of the property and a broker claiming to represent them. Mr. Rosenstein, as the buyer, should not be a party to the complaint and we are confident the court will see it that way as well,” according to a spokesperson for Rosenstein. [NYP] – Claire Moses

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