Hedge funder Philip Falcone may lose UES, Hamptons homes

first_img Full Name* Message* Tags Hedge FundThe Hamptonsupper east side Share via Shortlinkcenter_img Email Address* Philip Falcone with his wife Lisa Marie Falcone and their Manhattan home. (Getty, Christie’s Real Estate)Embattled hedge funder Philip Falcone is in danger of losing his pricey homes on the Upper East Side and the Hamptons.The outside of Philip Falcone’s Manhattan home. (Christie’s Real Estate)The Harbinger Capital founder, whose assets were frozen last year by a Manhattan judge, owns a five-story townhouse at 22 East 67th Street that had been on the market in 2018 asking $39 million; and a 14,000-square-foot mansion at 142 Crestview Lane in Sagaponack that is on the market asking $27.9 million.Now the mezzanine lender on those properties, Melody Capital, has scheduled a UCC foreclosure auction for the equity stake in the homes, according to a notice of the sale reviewed by The Real Deal. The loan has a balance of slightly more than $74 million.Falcone told TRD he believes Melody initiated the foreclosure in order to thwart a motion he filed seeking to void the loans.A spokesperson for Melody Capital declined to comment.The auction is scheduled for April 13, according to a notice of the sale that lists Dustin Stolly, Jordan Roeschlaub and Dan Fromm at Newmark as the brokers marketing the sale. The brokers could not be reached for comment.Falcone had a net worth valued at $1 billion in 2014, according to Forbes. But he’s had his ups and downs. Falcone reportedly settled a case with the Securities and Exchange Commission in 2013 over allegations that he borrowed more than $100 million from his hedge fund to pay his personal taxes.According to the Financial Times, a New York judge froze Falcone’s assets after he failed to pay millions in legal fees to the law firm that defended him in that case.Contact Rich Bockmann Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlinklast_img

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