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I Will Sell This House Today

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Are you nouveau riche? Did you make your money off of that indefinable, absurdist, downright kooky (though de rigueur with the egomaniacal business set) model known as the hedge fund? Do you care only about yourself (and what other people think of you)? Congratulations, you’ve just been entered into the running for a date with John Carney. You’ve also passed the screening test we took the liberty of performing for Joseph Beninati, a real estate developer who’s busy building $25 million “spec” homes in Greenwich, CT that he hopes “lushly-paid” hedge fund execs will buy because they are “too lazy” to design and build their own.
Beninati’s also erected luxury condominiums for traders and analysts—you know, the working class—, and the whole thing has locals seeing red. First, because houses upwards of 17,000 square-feet scream “new money” (and, usually: Jews). But also because Beninanti and his business partner James Cabrera, who own about $5 billion of local real estate are “betting heavily on two volatile sectors: real estate and hedge funds.” Interestingly enough, Goldman Sachs, who recently moved into the ancient Indian burial ground last inhabited by Amaranth, co-owns a fair amount of property with Beninanti and Cabrera. So the Masters of the Universe have got double the incentive not to Brian-Hunter this one up.
Anyway, this is of little importance to us, since we live in New York and would rather move back to New Jersey than up to a town that was voted the 12th best place to live in 2005 by CNN Money but didn't even make it onto the list in 2006, so—enjoy the video house tour, after the jump!



Greenwich Builder Bets Hedge Funds Will Pay For Excess [WSJ]

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