Regrets? Peloton founder John Foley appears to have $4 million worth.
The company’s former chief executive officer and executive chairman offloaded his estate at 442 Further Lane in East Hampton for $51 million, Behind the Hedges reported. The deal to an anonymous buyer closed in the spring, but only recently emerged in public records.
Foley and his wife, Jill, didn’t enjoy Further Lane for very long. The couple signed a deal to buy the home in September 2021, then closed on the property three months later for $55 million. After three more months, however, the couple quietly started shopping their recent purchase.
It’s unclear what brought on the change of heart, though Peloton’s post-pandemic blues probably played a role. The company was sitting on top of the exercise equipment world in early Covid days, but its fortunes started to plummet around the time Foley was working on the transaction.
In February 2022, Foley quit his role as CEO. By the end of the year, he was out as executive chairman of the company’s board, too. Last October, Foley faced a margin call on personal loans from Goldman Sachs, Fast Company reported. Foley had pledged $300 million of Peloton holdings as collateral.
Foley’s latest business is Ernesta, an interior design and rug company.
While Foley had to pull the rug out from under his own feet on Further Lane, the anonymous buyer can start installing rugs of their own at the property. Francis Fleetwood designed the 6,100-square-foot home, sited on four acres with more than 400 feet of oceanfront and direct beach access.
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The five-bedroom, five-plus-bathroom house’s main floor has a primary suite with his-and-hers ensuite bathrooms, a walk-in closet and a sundeck. The second floor also has sundecks and bedrooms with ocean views.
Outside, there’s a covered seating area, a detached garage and a gunite pool and spa.
Despite the discount from a year-and-a-half earlier, the sale at 442 Further Lane is still one of the priciest of the year in East Hampton. It traded for nearly as much as Tom Ford’s $52 million purchase of Lasata, though it was much further behind the year’s top $91.5 million sale.
— Holden Walter-Warner