Even in the Hamptons a $41.3 million sales price for a home is worthy of tongue wagging. That's a big number—at least for the common folk. But how much is it for Old Trees' most recent purchaser? We ran the numbers...
You may have heard yesterday's news about Alpha magaizine's hedge fund managers' earnings in 2007. The top fifty managers split $29 billion in personal compensation amongst themselves. It was enough to provoke Senator Obama into suggesting that we may need to raise the capital gains taxes during his debate with Senator Clinton last night. (Don't worry, as dyed-in-the-wool Hamptonites, we would never suggest something so outrageous.)
The man standing atop the Alpha list (appropriate title, no?) was John Paulson, founder of Paulson & Co., who reportedly brought home about $3.7 billion last year. This would be the same John Paulson who recently purchased Old Trees estate in Southampton for $41.3 million from real estate developer Rodney Propp, who himself had bought the property from Donald Burns for $39.25 million a few weeks ago. We're trying to keep up too.
So how much is $41.3 million for John Paulson? Here's a little math:
Annual Earnings: $3.7 billion
Earnings per Hour: $422,000 (every hour, of every day, all year)
Daily Total: $10,137,000
Number of Days of Work to Pay for Old Trees: 4
That's right, Paulson only had to work four days to make enough money to buy Old Trees in cash. Which is important, because unless you can afford three day weekends in the Hamptons, you're doing something wrong.
Southampton's Old Trees Reportedly Sold The Flipped [Newsday]
Paulson's $3.7 Billion Tops Hedge Fund Pay, Says Alpha [Bloomberg]
Old Trees Estate Official Site
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