Report: Billionaire Hedge Fund Manager to Rent in East Hampton

New Sagaponack resident and billionaire hedge fund manager Philip Falcone has jumped on an 8-acre East Hampton rental for the summer, The New York Post reports.

Falcone's home in Sagaponack is still about sixth months away from completion, so he looked to Stone Meadow Farm for this summer, bidding on the 18,000-square-foot, 10-bedroom estate at a 30 percent discount from the original asking price. Falcone reportedly will rent the property for $700,000, down from its original price of $1 million.

Falcone, who lives on the Upper East Side in Manhattan, is not the first prominent vacationer to have interest in Sone Meadow Farm. He lost a bidding war on it to real estate heiress Isabel Rose two years ago, and Mariah Carey rented the property in 2008, paying $125,000 for just one week, The Post said.

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