Call it retail therapy.
||Picasso's Le Reve (Photo:
Steve Cohen is on the cusp of paying more than $600
million to settle insider trading charges by the Securities and
Exchange Commission against his hedge fund firm SAC Capital
Advisors, but that hasn't stopped him from picking up some very
The New York Times reported that Cohen recently
reached a deal to buy an oceanfront property in East Hampton
for $60 million, his second house in the exclusive New York
The news comes a day after Cohen emerged as the new owner of
Picasso's "Le Reve" painting, for which he paid a record $155
million to Las Vegas casino magnate Stephen Wynn, according to
The Wall Street Journal. Cohen has been named as
one of the
top 10 art collectors in the world each year during
the past decade.
For all of Cohen's buying, he's also selling and giving it
away. He recently put his apartment in Manhattan's Bloomberg
Tower up for sale at $115 million, according to the
Times. He also gave $17 million to
support veterans' mental health research in February. His
net worth is $9.3 billion as of this month, according to Forbes.
Cohen was reminded of his legal troubles today as U.S.
District Judge Victor Marrero did not sign off on a proposed
settlement between the SEC and SAC. The judge
reportedly expressed concern that the
$15 billion Greenwich-based firm would neither have to
admit or deny guilt despite paying a more than $600 million
fine. The timing for the judge's approval is unclear.
An external spokesman for SAC, Jonathan Gasthalter of Sarb
Verbinnen & Co., declined to comment.
Steve Cohen is king of the art world--again |
Looking back on SAC's legal troubles