Hedge Fund Manager Settles For 7% Return On House He Owned For Seven Months

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Scott Bommer doesn’t like to stay in one place for too long, even if he did just buy that place for a then-Hamptons record $75 million in December—not when there’s a $93.9 million opportunity just down the road from it. Unfortunately, the SAB Capital Management founder is going to have to pay for some of that himself, as the market for Wooldon Manor was not quite as strong as he hoped.

The Wooldon Manor estate in New York's Southampton, which hedge-funder Scott A. Bommer bought for $75 million last year from fashion designer Vince Camuto, has sold again in two separate transactions totaling more than $80 million.

The 14.5-acre parcel overlooking Lake Agawam had been listed for $98 million by the Corcoran Group's Tim Davis and Harald Grant and Ed Petrie of Sotheby's International Realty….

Last year Mr. Bommer, the founder of hedge fund SAB Capital, and his wife, Donya, paid a then-record $75 million to buy Wooldon Manor from Mr. Camuto. But only a few months later, Mr. Bommer decided to purchase three East Hampton parcels for a total of $93.9 million; he put Wooldon Manor back on the market in March. Mr. Bommer couldn't be reached for comment.

Hamptons Estate Sells in Two Deals Totaling More Than $80 Million [WSJ]

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