Dave Portnoy’s Hamptons Mansion Not for Sale, After New York Post Claims It Is
Barstool Sports founder and now once again owner Dave Portnoy, was forced to deny claims from a New York Post article posted over the weekend. The article speculated on the state of his finances, saying Portnoy was so strapped for cash that he had cut the for sale price on his Hamptons mansion in Long Island, New York.
Portnoy denied his property was for sale at all. He pointed out that the linked property listing in the Post’s article did not correspond to the reported address of his house, as a swift internet search can reveal.
“The house they listed in the article isn’t my house and my actual Montauk house isn’t for sale and never has been for sale,” he said, as posted on the Barstool blog.
“Other than that, it’s riveting journalism.”
Portnoy recently regained control of Barstool Sports from Penn Entertainment, minus the Barstool Sportsbook part of the business. Penn plans to relaunch Barstool Sportsbook as an ESPN branded sportsbook later this year.
Reports from legal filings were revealed last week showing that Portnoy paid just $1 to obtain control of his sports media company back from Penn.
That hardly fits with the narrative of the Post’s story, which claims the media founder is “desperate for cash”.
Yes, Portnoy did post an inflammatory article on that same blog last week, in which he called staff “braindead” and “morons” for not turning up to work early on his first day back in the office.
The Post seemed to cite that as evidence of Barstool as a failing company, which it backed up by pointing out the business’ $16 million loss-making year in 2022.
That could be true. But that doesn’t mean Portnoy’s personal finances are at stake. He has the option to sell 1.25 million shares in Penn as part of the original sale agreement for Barstool, which are worth around $28 million right now.
For his part, Portnoy rubbished those claims too, as well as the ones about his house.
“Ps. – I may not be a financial advisor but I don’t think guys who are strapped for cash buy horses for 650k on a whim,” he wrote.
Betting on the Hamptons
Portnoy’s Hamptons property, which elsewhere has been reported as 221 Old Montauk Highway and not 225 Old Montauk Highway as linked to the in The Post, is not the only Long Island mansion owned by rich and famous names linked to the sports betting business.
The owner of rapidly expanding sportsbook and sports merchandiser Fanatics, Michael Rubin, has a $50 million mansion in the area. Earlier this year, he invited global A-list celebrities for a no-expenses spared star studded Fourth of July bash at the property.
Bob Kraft, owner of the Kraft Group (not to be confused with Kraft Foods) also owns a multimillion mansion in the prestigious district. Kraft made his fortune owning multiple sports franchises including the New England Patriots and their Gillette Stadium