“Hedge fund vampire” sinks teeth into East Hampton Point resort

Buyer group led by Heath Freeman will renovate property and plans to open this summer

Heath "the hedge fund vampire" Freeman. (Getty, Brown Harris Stevens)
Heath "the hedge fund vampire" Freeman. (Getty, Brown Harris Stevens)

A group of investors including hedge Heath “the hedge fund vampire” Freeman purchased the East Hampton Point resort that been on the market for $27 million.

The buyers have finalized a deal for the small luxury resort at Three Mile Harbor Hog Creek Road “for less than $20 million,” sources told the New York Post.

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Freeman, a Hamptons resident, is the president of Alden Global Capital, best known for buying up newspapers, laying off scores of workers and making other deep budget cuts that critics say destroys local media, according to the report.

Alden’s tactics have earned it nicknames like “vulture capitalists” and “corporate strip-miners,” while Freeman himself has been called “the hedge fund vampire.” Alden is not involved in the East Hampton Point deal.

The buyers have reportedly hired workers to renovate the property and plan to open by the summer. [NYP] — Dennis Lynch