Michael Shabsels Lists Westhampton Home For $75K A Month

A real estate investor embroiled in a bankruptcy scandal is seeking a tenant for his Westhampton Beach property, listed at $75,000 per month.

Michael Shabsels, who, with his brother, David Shabsels, built a now-bankrupt empire of summer camps that stretches up the East Coast, put his home at 275 Main Street on the market for rent at the end of June, according to a Zillow listing. Among the camps owned by the Shabsels are the popular Mohawk Day Camp in New York state and Camp Blue Star in North Carolina.

The listing comes as companies controlled by the Shabselses declared bankruptcy after defaulting on their Israeli bonds, and as aggressive merchant cash advance lenders have sought to take control of their bank accounts.

One of those firms, Simad Holdings, is under investigation by Israeli security authorities after it defaulted on $240 million in bonds issued on the nation’s capital market and diverted $34 million to other firms in the brothers’ portfolio.

Shabsels and his wife, Alyssa, purchased the property for $1.7 million in 2008, according to public records. Over the years, the Shabselses used the home as a backdrop for their philanthropic efforts, including hosting events for the United Hatzalah of Israel in the summers of 2023 and 2025.

The home has seven bedrooms and five bathrooms across 6,000 square feet. It also features a pool and an outdoor kitchen.

Compass’ Maida Srdanovic, who has the rental listing, did not immediately respond to a request for comment. Michael Shabsels also did not immediately respond to a request for comment.

The home isn’t the priciest on the market in Westhampton Beach, though it ranks among the most expensive non-waterfront homes in the area. The property with the highest monthly rate in the village is a modern oceanfront mansion at 345 Dune Road, asking $300,000.

Shabsels launched his search for a tenant weeks after filing for personal bankruptcy in New Jersey. Shabsels, who listed his address in the filings as a co-op in Midtown East, estimated the worth of his assets at between $1 million and $10 million.

Shabsels has just two months of the Hamptons’ high season remaining to secure a renter, though shifting market conditions on the East End could play in his favor.

The Hamptons’ rental market is more active this year, rebounding from two relatively sluggish summers, agents in the area previously told The Real Deal. The market’s seasonal tilt has faded since the pandemic, with more renters opting to spend time in the hamlets outside of the busy summer months, though off-season rentals generally have lower price expectations.

If Shabsels rents the home, the monthly rate would amount to a drop in the bucket of what he owes his creditors. In bankruptcy filings, he estimated his debts at between $500 million and $1 billion.

The Shabsels’ financial woes came into focus earlier this summer, as several of their companies, including those that control the summer camps and a 55-asset real estate portfolio, filed for Chapter 11. The proceedings have exposed the brothers’ significant debt issues, including $234 million they had taken out with merchant cash advance companies.

Neither Michael nor David has commented on the bankruptcy proceedings.