Corcoran sues over record $147M sale of Hamptons mansion

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

TRD New York /
Jul.July 24, 2014 08:30 AM

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


Related Articles

arrow_forward_ios
Pam Liebman (Illustration by Paul Kisselev)

Pam Liebman’s lifeguarding days

Pam Liebman’s lifeguarding days
49 East 10th Street and Barbara Corcoran (Credit: Google Maps and Getty Images)

Corcoran to shut down office in building partly owned by Barbara Corcoran

Corcoran to shut down office in building partly owned by Barbara Corcoran
Corcoran President & CEO Pamela Liebman (Credit: Corcoran, Getty Images)

Welcome to Queens: Corcoran opens first borough outpost

Welcome to Queens: Corcoran opens first borough outpost
Realogy CEO Ryan Schneider and SIRVA CEO Thomas Oberdorf

Judge rejects Realogy’s bid to force $400M sale of Cartus

Judge rejects Realogy’s bid to force $400M sale of Cartus
Corcoran's Pam Liebman and Bespoke's Cody and Zachary Vichinsky. Inset (clockwise from left) Zibby Schwarzman, Vera Wang, Barry Weiss, Mohammed Grimeh, and Ian Snow (Getty, Abana, Wikipedia Commons; Liebman by Sasha Maslov)

Corcoran exposes Bespoke’s little black book in Hamptons legal battle

Corcoran exposes Bespoke’s little black book in Hamptons legal battle
Quarantine Cribs

TRD Quarantine Cribs: Take a tour of Cathy Franklin’s whiskey distillery & home

TRD Quarantine Cribs: Take a tour of Cathy Franklin’s whiskey distillery & home
TRD Talks Live: hear from NYC’s biggest brokerage heads

TRD Talks Live: hear from NYC’s biggest brokerage heads

TRD Talks Live: hear from NYC’s biggest brokerage heads
(Credit: iStock)

Rental concessions are on the decline, but the size of incentives is growing

Rental concessions are on the decline, but the size of incentives is growing
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...