Steve Schwarzman Is Selling His Hamptons Pied-à-Terre

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Photo: Brown Harris Stevens

Blackstone Group CEO Stephen Schwarzman is selling his 2.1-acre Hamptons compound for $7.2 million. According to The Wall Street Journal, the natural-shingled 3,250-square-foot home has four spacious bedrooms, a heated swimming pool, a separate pool house, a tennis court, and "magnificent open lawns" and stone terraces. The Schwarzmans bought the place in 1996 for $2.3 million, which means they'll likely turn a reasonable profit, even with the sunken real-estate market out east. Of course, that doesn't really even matter, because this place was just giving the family a roof over their heads while they waited for their real second home to get finished: a 9.9-acre estate he's completely renovating in nearby Water Mill, which he bought in 2005 for $34 million. So, yeah. To quote Bethenny Frankel: That happened.

Blackstone's Schwarzman Lists Hampton home [WSJ]