The residence, located at 142 Crestview Lane, is a modern beach mansion on a pond-front acre in Sagaponack, completed to the highest standards and initially listed at $27.95 million in 2021.
Gary DePersia, the listing broker, remarked that the property features 'almost every bell and whistle you could think of,' and noted the new owner intends to restore it to its original luster.
Phil Falcone's financial troubles stemmed from a $100 million debt and a ban on his hedge fund by the SEC, reflecting a significant downfall from his $2 billion peak.
Despite the mansion selling for $14 million, it had been on the market since 2021, illustrating the challenges in selling high-end real estate amidst financial difficulties.
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