Barstool Sports founder Dave Portnoy has procured a waterfront house in Nantucket for $42 million, the most money ever invested on a home on the island off Cape Cod, according to a Friday report from the Wall Street Journal.
The report-placing transaction for the island enclave tops the prior large of $38.1 million, which was established just months back, in June, according to house information. Portnoy reportedly paid an more $2 million for home furnishings and other merchandise that were being not included in the property sale alone.
The around 1.2-acre house, described by the Wall Street Journal as a compound with Nantucket Harbor frontage, contains a pool and a guest residence, as effectively as an underground tunnel that connects parts of the estate.
Portnoy, a Massachusetts native, launched Barstool Sports in 2003. Barstool produced $80.9 million in earnings in the initial six months of 2023, according to Penn’s Aug. 9 SEC submitting, although obtaining a web decline of $16.1 million.
Gambling corporation Penn Entertainment
finalized its invest in of Barstool Athletics at a $550 million valuation in February 2023 and marketed it back to Portnoy for just $1 in August 2023. Penn reported that it retains the right to fifty percent of the gross proceeds if Portnoy sells Barstool Sports all over again.
Portnoy, 46, has been associated in several controversies in recent decades. He was accused of sexual misconduct by numerous women — allegations that he has publicly denied — and he went viral on social media previously this month for a sidewalk altercation with the owner of a pizza store in suburban Boston who argued that Portnoy’s pizzeria evaluations are terrible for small-company operators.
Reps for Portnoy did not instantly react to MarketWatch’s request for remark.