P
hil Falcone and his wife Lisa Maria Falcone have sold their Sagaponack beach mansion for $14 million in an all-cash deal. The seven-bedroom, 14,000-square-foot modern home was built on a pond-front acre with water views of the ocean. Listing broker Gary DePersia described it as "a magnificent house that could not be built today" due to its high standards and numerous luxury features.

    The mansion, which first listed for $27.95 million in 2021, had been on the market for some time due to repair issues. However, a determined buyer eventually purchased the property with plans to restore it to its original luster. The new owner's identity remains unknown.

    Phil Falcone, once a hedge fund star worth over $2 billion, has faced financial struggles in recent years. His debt ballooned to $100 million in 2021, and his hedge fund, Harbinger Capital, was banned from operating for five years by the Securities and Exchange Commission in 2013. Since then, Falcone has shifted focus to developing decentralized broadcast and streaming content.

    The Sagaponack mansion features a chef's kitchen, screening room, billiards room with bar, wine cellar, home office, gym with steam shower and sauna, and multiple bedrooms and bathrooms. The property also boasts a roof deck with panoramic views of farm fields and the ocean. Falcone and his wife have sold several other high-end properties in recent years, including two Upper East Side townhouses and a St. Barts property.