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Bill Ackman Has Promising Backup Career As Condo Flipper

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If this hedge fund manager thing doesn't work out, he's got a plan B. Also a C, which is star in the first season of HGTV's, Flip or Flop: Billionaire Edition. It's pretty obvious Ackman could sell the hell out of a 4 bed, 3.5 bath tudor style house featuring a "spacious open concept living/dining/kitchen area, finished basement and luxurious master suite."

He was pointing toward One57, a new 90-story, lavish hotel and condominium building described by one critic as “a luxury object for people who see the city as their private snow globe.” Specifically, Mr. Ackman was referring to the penthouse apartment. Named the Winter Garden, for a curved glass atrium that opens to the sky, it is a 13,500-square-foot duplex with an eagle’s-eye view of the park. And it will belong to Mr. Ackman. When the sale closes, the reported $90 million price would be the highest ever paid for a Manhattan apartment. It is, he explained, “the Mona Lisa of apartments.” Never will there be another like it. But Mr. Ackman, 48, doesn’t intend to live there. He lives at the Beresford, off Central Park, with his wife and daughters. The Winter Garden is just another investment opportunity for him and a few others. “I thought it would be fun,” he said, “so myself and a couple of very good friends bought into this idea that someday, someone will really want it and they’ll let me know.”

Bill Ackman and His Hedge Fund, Betting Big [NYT]


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