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Phil Falcone's Summer Is Looking Up

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The 6 months or so have not been the best of times for hedge fund manager Phil Falcone. The returns in Harbinger's flagship have not exactly mimicked the highs of 2007, investors got their panties in a bunch when he borrowed $113 million from one of his funds (where redemptions had been frozen) in order to pay personal taxes, he had to put up his art collection as collateral to borrow even more cash, the deal that could make or break him has run into some bumps that include fucking things up in outer space and the same ingrates who gave him shit for locking up their money are getting all pissy because instead of giving them back actual cash, they're getting illiquid shares of LightSquared. What's more, construction on his Hampton's home is still months and months away from being completed and it was looking like Phil was going to have to break the bad news to the Wilbur, the Falcone's singing and dancing pig, that there'd be no getting wild at the Pink Elephant this summer. Already Wilbur had been dropping some not so subtle hints that most pigs of his talent wouldn't have stuck around this long and that he had "options," so it was a conversation Phil was not looking forward to. And then, out of nowhere, luck came a knocking on Phil's front door.

Falcone has grabbed a Hamptons summer rental for about $700,000 — a 30 percent discount from its $1 million asking price. Ironically, the East Hampton estate, developed by Haddonfield & Associates and known as Stone Meadow Farm, is one Falcone once tried to purchase. In 2009, Falcone bid on the vast 8-acre property with an 18,000-square-foot, 10-bedroom home. But a bidding war erupted, and real estate heiress/entertainer Isabel Rose swooped in to buy the pricey palace, not on the ocean, for $12.5 million. (Mariah Carey had rented it in 2008, paying $125,000 for a week.) Falcone, who lives in Bob Guccione’s former Upper East Side mansion, opted instead to build his own home in Sagaponack, sources say. But the mansion is still about six months from completion.

So, Falcone looked at summer rentals and found Stone Meadow Farm, which Rose had unofficially put on the rental market for a mind-boggling $1 million. The main house includes a spa and a media room. There are also two cottages, stone courtyards, a pool, a tennis court and horse stables.

This is not to say PF is entirely in the clear with Wil just yet, as it remains to be seen what kind of snacks will be served poolside, and who will be rubbing him down with baby oil. At a certain befleeced hedge fund manager's beach house, he's been promised his own butler and a Backstreet Boy.