Barstool Sports founder Dave Portnoy has bought a waterfront residence in Nantucket for $42 million, probably the most cash ever spent on a home on the island off Cape Cod, in keeping with a Friday report from the Wall Street Journal.
The record-setting transaction for the island enclave tops the earlier excessive of $38.1 million, which was set simply months in the past, in June, in keeping with property data. Portnoy reportedly paid an extra $2 million for furnishings and different objects that weren’t included in the home sale itself.
The roughly 1.2-acre property, described by the Wall Street Journal as a compound with Nantucket Harbor frontage, features a pool and a visitor home, in addition to an underground tunnel that connects components of the property.
Portnoy, a Massachusetts native, based Barstool Sports in 2003. Barstool generated $80.9 million in income within the first six months of 2023, in keeping with Penn’s Aug. 9 SEC submitting, whereas having a internet lack of $16.1 million.
Gambling firm Penn Entertainment
PENN,
finalized its buy of Barstool Sports at a $550 million valuation in February 2023 and bought it again to Portnoy for simply $1 in August 2023. Penn mentioned that it retains the correct to half of the gross proceeds if Portnoy sells Barstool Sports once more.
Portnoy, 46, has been concerned in a number of controversies lately. He was accused of sexual misconduct by a number of girls — allegations that he has publicly denied — and he went viral on social media earlier this month for a sidewalk altercation with the proprietor of a pizza store in suburban Boston who argued that Portnoy’s pizzeria critiques are unhealthy for small-business operators.
Representatives for Portnoy didn’t instantly reply to MarketWatch’s request for remark.
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Source web site: www.marketwatch.com
