Peloton founder backpedaling on $55M East Hampton estate

Ex-CEO John Foley quietly shopping home months after closing

John Foley, co-founder and ex-CEO, Peloton (Getty Images, Zillow, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
John Foley, co-founder and ex-CEO, Peloton (Getty Images, Zillow, iStock/Photo Illustration by Steven Dilakian for The Real Deal)

Former Peloton CEO John Foley is hitting the brakes on an East Hampton estate mere months after buying it.

Foley and his wife, Jill, are quietly marketing their estate at 442 Further Lane in East Hampton, the New York Post reported. While there are no online listings for the waterfront property, they are reportedly peddling the home at a loss.

The report indicates the couple is changing gears on the Hamptons home. They signed a deal to buy the home in September and purchased it for $55 million in December.

442 Further Lane in East Hampton (Zillow)

The property was on the market for less than a month before Foley went into contract. Francis Fleetwood designed the 6,100-square-foot home, which sits on four acres and has more than 400 feet of oceanfront with direct beach access.

The home includes five bedrooms and five-plus bathrooms. The main floor has a primary suite with his-and-hers ensuite bathrooms, a walk-in closet and a sundeck, while the second floor includes more sundecks and bedrooms with ocean views.

The exterior of the home includes a covered seating area, a gunite pool and spa, and a detached garage.

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442 Further Lane in East Hampton (Zillow)

Prior to Foley closing on the Further Lane estate, he and his wife listed a home at 12 Koala Lane in East Hampton for $4.5 million. The couple purchased the home five years earlier from developer Billy Macklowe, son of Macklowe Properties founder Harry Macklowe. The home was sold for more than its ask two months ago, according to the Post, but is now being marketed as a summer rental.

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It’s been a rough ride for Peloton, which has seen its stock price erode for months. Foley departed from his executive post last month, replaced by former Netflix and Spotify executive Barry McCarthy. The former CEO is continuing on as executive chairman.

Foley sold about $50 million of shares to the Michael Dell-backed MSD Partners, according to a securities filing reported by the Wall Street Journal. Foley sold nearly $100 million in stock last year, though he still has enough shares to maintain effective control of the company.

Shares of the company have lost about 80 percent of their value in the past year, trading near pre-pandemic levels despite a tripling of revenue, the Journal reported.

[NYP] — Holden Walter-Warner