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Steve Cohen Purchases Long Island Property

Mar 31, 2013
Jing Chen

Despite in the midst of an insider trading scandal, hedge fund manager Steve Cohen has been on a shopping spree.

The New York Times reported that Cohen, the founder of Connecticut-based SAC Capital Advisors, has reached a deal to purchase an oceanfront property in Long Island for $60 million. Simultaneously, Cohen listed his Manhattan apartment on the market for $115 million.

eVestment revealed last week that Cohen bought Pablo Picasso’s Le Rêve for $155 million. It is considered the highest price ever paid for an artwork by a U.S. collector.

Earlier this month, SAC agreed to pay more than $614 million to settle insider trading charges for two of its affiliates, CR Intrinsic and Sigma Capital Management. SAC investors will not be affected by the fine, as it will be paid off by SAC’s management company which is 100% owned by Cohen.

Founded in 1992, SAC has about $20.34 billion in assets under management. Cohen’s net worth is estimated at $10 billion.

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