{"id":285917,"date":"2023-08-18T15:51:28","date_gmt":"2023-08-18T20:51:28","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=285917"},"modified":"2023-08-18T15:51:28","modified_gmt":"2023-08-18T20:51:28","slug":"portnoy-corrects-post-says-hes-not-selling-hamptons-mansion","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/portnoy-corrects-post-says-hes-not-selling-hamptons-mansion\/","title":{"rendered":"First World Problems: Portnoy Chides New York Post on Hamptons Mansion Article"},"content":{"rendered":"

A Hamptons real estate controversy was sparked Thursday when the New York Post<\/em> reported Barstool Sports<\/em> founder David Portnoy dramatically cut the price of his mansion on Old Montauk Highway, implying he\u2019s \u201cdesperate for cash.\u201d Thing is Portnoy said his property in the tony East Long Island area isn\u2019t for sale and never has been.<\/p>\n

\"David
Barstool Sports founder David Portnoy. The New York Post says he’s selling his Hamptons mansion. He says otherwise. (Image: Boston.com<\/em>)<\/figcaption><\/figure>\n

The Post <\/em>cited unidentified sources on Wall Street that claim just two weeks prior to Penn Entertainment (NASDAQ: PENN)\u00a0 announcing its sports wagering deal with ESPN<\/a> and the sale of Barstool Sports<\/em>, Portnoy pared his asking price on the palatial property to $10.5 million, well below the original asking price of $13 million. Portnoy took to X, formerly Twitter, to clear things up.<\/p>\n

Sweet article. However (checks notes). My Montauk house is not for sale and has never been for sale. Other than that this was a great read,\u201d he wrote on the social media platform.<\/p><\/blockquote>\n

In a subsequent xeet (tweet), the Barstool <\/em>boss noted that property being referenced by the Post<\/em>, which features five bedrooms and five full bathrooms, is located at 225 Old Montauk Highway, but that\u2019s not his house.<\/strong><\/p>\n

Portnoy Probably Doesn\u2019t Have Money Problems<\/h2>\n

Until he confirms otherwise, it\u2019s just speculation that Portnoy is dealing with financial problems. On paper, it\u2019s unlikely.<\/p>\n

\n

He reacquired Barstool<\/em> from Penn for just $1. Some analysts believe the media property is worth at least $600 million. Additionally, last week Penn registered<\/a> 1.25 million shares that Portnoy can sell in the future. As of today\u2019s close, those shares are worth $28.67 million.<\/p>\n<\/div>\n

Even if Portnoy were to sell those shares — he\u2019s said he has no plans to dump any Penn stock over the near-term — he\u2019d still have 226,800 shares left. That\u2019s $5.2 million based on today\u2019s closing price of $22.94.<\/p>\n

A recent anecdote confirms Portnoy likely isn\u2019t hurting for money. Last week, he shelled out $650,000 on a race horse<\/strong>.<\/p>\n

Gaming Presence in the Hamptons<\/h2>\n

Portnoy isn\u2019t the only Hamptons property owner involved in the sports wagering industry. Fanatics founder Michael Rubin recently doled out $50 million<\/a> for a Hamptons mansion, using the property to host his celebrity-studded Fourth of July \u201cWhite Party.\u201d<\/p>\n

New England Patriots owner Bob Kraft, who has invested in several sports wagering companies, owns a house near Rubin\u2019s.<\/p>\n

In 2022, the most expensive Hamptons real estate transaction was the $84.5 million sale of Ron Perelman\u2019s East Hampton estate. Perelman previously was the largest individual shareholder in Scientific Games, which is now Light & Wonder (NASDAQ: LNW). He sold his $1 billion stake<\/a> in the company in late 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

A Hamptons real estate controversy was sparked Thursday when the New York Post reported Barstool Sports founder David Portnoy dramatically cut the price of his mansion on Old Montauk Highway, implying he\u2019s \u201cdesperate for cash.\u201d Thing is Portnoy said his property in the tony East Long Island area isn\u2019t for sale and never has been. […]<\/p>\n","protected":false},"author":46,"featured_media":187475,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,86438,1],"tags":[81903,86457,81967],"acf":[],"yoast_head":"\nPortnoy Corrects Post, Says He's Not Selling Hamptons Mansion<\/title>\n<meta name=\"description\" content=\"David Portnoy says NY Post is wrong, he's not selling Hamptons mansion.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/portnoy-corrects-post-says-hes-not-selling-hamptons-mansion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Portnoy Corrects Post, Says He's Not Selling Hamptons Mansion\" \/>\n<meta property=\"og:description\" content=\"David Portnoy says NY Post is wrong, he's not selling Hamptons mansion.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/portnoy-corrects-post-says-hes-not-selling-hamptons-mansion\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-18T20:51:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/09\/DP-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1747\" \/>\n\t<meta property=\"og:image:height\" content=\"1310\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/portnoy-corrects-post-says-hes-not-selling-hamptons-mansion\/\",\"url\":\"https:\/\/www.casino.org\/news\/portnoy-corrects-post-says-hes-not-selling-hamptons-mansion\/\",\"name\":\"Portnoy Corrects Post, Says He's Not Selling Hamptons Mansion\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/portnoy-corrects-post-says-hes-not-selling-hamptons-mansion\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/portnoy-corrects-post-says-hes-not-selling-hamptons-mansion\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/09\/DP-1.jpg\",\"datePublished\":\"2023-08-18T20:51:28+00:00\",\"dateModified\":\"2023-08-18T20:51:28+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"David Portnoy says NY Post is wrong, he's not selling Hamptons mansion.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/portnoy-corrects-post-says-hes-not-selling-hamptons-mansion\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/portnoy-corrects-post-says-hes-not-selling-hamptons-mansion\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/portnoy-corrects-post-says-hes-not-selling-hamptons-mansion\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/09\/DP-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/09\/DP-1.jpg\",\"width\":1747,\"height\":1310,\"caption\":\"Barstool Sports founder David Portnoy. 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