The sale of the country’s most expensive residential property has resulted in a multimillion dollar lawsuit.
Barry Rosenstein, founder of hedge fund Jana Partners, bought his $147 million mansion in East Hampton in May. Now, Corcoran claims that it lost $8.82 million in commission and damages after the firm was allegedly cut out of the deal. Corcoran maintains that it was hired as the broker to sell the property.
Rosenstein bought the 18-acre, beachfront estate from its former owners Christopher H. Brown and Andrew Gordon.
The suit was filed on Wednesday in Suffolk County.
According to the suit, Corcoran President Pam Liebman and the firm’s top broker, Tim Davis, met with the trustees of the estate in January. The suit alleges that they had exclusively been picked to market the property for $150 million. Rosenstein reportedly thought the price was too high and brokered a deal with the estate’s representatives. [NYP] – Claire Moses