Barstool Sports Founder Purchases $42 Million Nantucket Compound Amid Company Challenges
In a surprising move, Barstool Sports founder Dave Portnoy has acquired a stunning Nantucket compound for a whopping $42 million, setting a new record for the island’s real estate market. This decision comes just weeks after Portnoy announced layoffs within the controversial website, marking a peculiar turn of events for the entrepreneur.
The acquisition, reported by The Wall Street Journal, involves a 1.2-acre waterfront property situated on Nantucket Harbor. Notably, the deal includes $2 million worth of furnishings, with a unique feature being an underground tunnel connecting a two-bedroom guesthouse to a separate studio, as well as an inviting pool.
Portnoy, hailing from Swampscott, Massachusetts, had previously invested in a $2 million property on the island. However, following the sale of Barstool Sports to gaming conglomerate Penn Entertainment for $550 million, he regained full control of the company in August, purchasing it back for a symbolic $1. Since then, Portnoy has initiated layoffs, citing substantial financial losses.
The compound’s seller, identified as MAK Daddy Trust and MAK Shack Trust, facilitated the transaction through Shellie Dunlap of Lee Real Estate. This property, located in the Monomoy area of Nantucket, was finished in 2018 after acquiring adjacent parcels of land in 2016, amounting to $13.3 million, and the subsequent demolition of existing structures.
The primary residence, designed by Andrew Kotchen of Workshop/APD, boasts four bedrooms, one featuring an indoor-outdoor shower and foldaway glass doors providing exquisite harbor views.
The Nantucket real estate market has witnessed a surge in property prices due to high demand and limited availability, with multiple sales nearing the $40 million mark. This uptick prompted the previous owners to capitalize on the favorable market conditions.
Portnoy’s significant property investment occurs amidst challenging times for Barstool Sports. His commitment to rebuilding the company has been a major focus, following his $1 acquisition from Penn Entertainment. Despite various controversies, Portnoy’s journey from a small sports newspaper to the helm of Barstool Sports has been marked by its share of ups and downs.
While his recent purchase is undoubtedly noteworthy, the future direction of Barstool Sports remains uncertain as Portnoy navigates through a series of new challenges.