Adam Neumann parts with Hamptons home at a loss

Former WeWork CEO sold the property for $500K less than what he paid in 2012

Mar.March 12, 2020 10:15 AM
Adam Neumann and his Hamptons home (Credit: Jackal Pan/Visual China Group via Getty Images, Out East)

Adam Neumann and his Hamptons home (Credit: Jackal Pan/Visual China Group via Getty Images, Out East)

Adam Neumann has sold his home in the Hamptons as he seeks to offload property following his departure from WeWork.

Neumann, 41, sold the Water Mill property to an LLC buyer in an off-market deal February for $1.25 million, according to Mansion Global. Since the property was never listed, details about the home are scant.

The price was some $500,000 less than what he and his wife, Rebekah Neumann, paid for the property in 2012.

The Hamptons home is one of several properties Neumann has looked to move in the months since he was ousted from WeWork in September.

Last month, he listed his Gramercy Park triplex penthouse for $37.5 million. He also sold his majority stake in a San Jose real estate portfolio, according to Bloomberg.

Neumann was pushed out of WeWork shortly after the office-space startup pulled its public offering in September. His $1.7 billion exit package was the subject of criticism in the face of WeWork laying off thousands of employees. It has also been reported that because Neumann still owns millions of “profit interests” in WeWork, his exit package could grow to more than $2 billion if the company goes public.

[Mansion Global] — Sylvia Varnham O’Regan

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