Education entrepreneur relists East Hampton estate for $95M
Chris Whittle facing forced auction to repay debts to former company
The founder of Avenues: The World School has relisted his 11.2-acre East Hampton estate with a major price cut as he faces a potential forced auction to repay debts to his former company, according to the Wall Street Journal.
Chris Whittle, who left the posh private school company in 2018, is now asking $95 million for the property. It hit the market in 2014 for $140 million, but has been off the market for a few years.
Avenues Global Holdings, the company that owns the private schools Whittle founded, said last year that he hasn’t repaid millions of dollars it lent him in 2013.
A spokesperson said that Whittle owes the company $6.7 million and hasn’t made a payment since 2019. The spokesperson also said the Suffolk County Sheriff’s office would publish an auction notice soon. Such a sale could take place as soon as April unless Whittle repays his debts. [WSJ] — Dennis Lynch