The Wall Street Journal - 09.08.2019

M12| Friday, August 9, 2019 THE WALL STREET JOURNAL.

MANSION

Weinstein

Property Selloff

JAKE RAJS (HAMPTONS); ALLISON SCOTT/THE WALL STREET JOURNAL (BANK ST, GREENWICH ST); MELANIE CHAPMAN FOR THE WALL STREET JOURNAL (KILKEA DR); F. MARTIN RAMIN/ THE WALL STREET JOURNAL (THE NEW YORKER); PICTOMETRY (CRESCENT HEIGHTS, MINUTE MAN HILL, DREXEL
AVE); PABLO MARTINEZ MONSIVAIS/ASSOCIATED PRESS (MOTORCADE); GETTY IMAGES (5); ISTOCK PHOTO (WSJ PHOTO ILLUSTRATION NEWSPAPER)

imately $45 million settlement that would
resolve sexual-misconduct lawsuits against
Mr. Weinstein.
The residential sales yielded an esti-
mated $17.8 million more than the purchase
prices paid by Mr. Weinstein, according to
public records. The commercial office space
brought $5 million more than the price the
Weinstein brothers paid. The home Ms. Co-
hen bought in October 2017 sold for almost
twice what Mr. Weinstein paid for it. But
his Amagansett home, which he listed in
April 2017, sold in November 2017 at a
$1.65 million loss. Two of Mr. Weinstein’s
residential properties and the commercial
office condo sold for below market value,
according to local agents, but combined,
they still garnered a hefty return for Mr.
Weinstein.
Such a flurry of sales isn’t unprece-
dented, especially following a death, di-
vorce or bankruptcy, said Andrew S. White-
ley, an agent at William Raveis. But Mr.
Weinstein’s move to sell so many proper-
ties is much rarer. “I’ve never seen anyone
do that,” said Christoper Riccio, a New
York-based real-estate agent.
A spokesman for Mr. Weinstein declined
to comment on any of his specific real-es-
tate transactions and said, “This is nothing
other than Harvey Weinstein consolidating
his property ownership to help make his di-
vorce settlement a smoother matter, and to
pay his legal counsel.”
Here is a timeline of the sale of Mr.
Weinstein’s properties and of some of his
legal and business complications.

APRIL 2, 2017 LISTED
Property:Hamptons family home
Location:Amagansett, N.Y.
Purchased:$11.65 million in 2014 with then-
wife Georgina Chapman, co-founder of the
fashion label Marchesa. Ms. Chapman didn’t
respond to requests for comment.
What:7 bedrooms, 9,000 square feet, 2
acres, swimming pool, water frontage on
Gardiners Bay, movie theater

APRIL 12, 2017 LISTED
Property:Minute Man Hill home
Location:Westport, Conn.
Purchased:$825,000 in 1995. Mr. Weinstein
purchased the home for his now-deceased
mother, Miriam,accordingtopeoplefamil-
iar with the purchase.
List price:$2.25 million
What:4 bedrooms, 3 bathrooms, 3,000
square feet, half an acre, Midcentury Modern

APRIL 24, 2017 PRICE CUT
Property:Minute Man Hill home
Price:Reduced to $1.995 million from $2.25
million

JULY5,2017LISTED
Property:West Hollywood condo
Location:Granville Towers
Purchased:$910,000 in 2015 for daughter
Lily,who goes by the name Remy. Ms.
Weinstein couldn't be reached for comment.
What:2 bedrooms, 1,100 square feet
At the time the property was listed, it was
being rented by actress Jennifer Hudson,
said Scott Gorelick, of Compass, the eventual
buyer’s agent. Ms. Hudson's representatives
didn’t respond to a request for comment.

Continued from page M1

List Price: $12.8 Million

List Price: $999,000

List price:N/A, off-market sale

Purchased:Two adjoining parcels for $8.25

million in two separate transactions in 1994

and 2000 with Mr. Weinstein’s first wife, Ms.

Chilton

Profit:$7.75 million

What:8 bedrooms in main house, plus two

additional homes, 6 acres, main house reno-

vated in mid-1990s for roughly $1.2 million,

movie theater.

Mr. Weinstein kept the

property in the divorce

from Ms. Chilton and

married Ms. Chapman

there in 2007, with a

fireworks display

launched from a barge on

Long Island Sound. In 2012, the couple held a

fundraiser on the property for President Ba-

rack Obama’s re-election.

Buyer:Andrew Bentley, who owns at least

two other homes on Beachside Avenue. He

didn’t respond to requests for comment.

Fate of the home:The terms of the deal al-

lowed Mr. Weinstein to continue living on the

property until February 2019, Mr. Weinstein’s

lawyers said in court. Mr. Bentley has applied

to demolish all three structures on the prop-

erty. As of late July, the two smaller struc-

tures had been torn down, but the main

house was still standing. Andrew S. Whiteley,

of William Raveis, a local broker who wasn’t

involved in the sale, says he has spoken with

Mr. Bentley about his plans, which are to re-

sell the lots with either one or two spec

houses on them.

“It isn’t what modern buyers are looking for.

There is probably some stigma to owning Har-

vey’s house,”said Mr. Whiteley, on why the

homes are being demolished.

MARCH 19, 2018

Weinstein Co. files for chapter 11 bankruptcy

protection.

MARCH 19, 2018 SOLD

Property:West Village townhouse

Location:Manhattan

List Price:N/A, off-market sale

Purchased:$14.95 million in 2006

Profit:$10.65 million

What:Single-family townhouse, 5,000

square feet, 5 stories

Buyer:Andrew Marks, son of Howard Marks

of Oaktree Capital Management, and his wife,

CNN reporterRachel Crane. The couple de-

clined to comment through a spokesman.

Fate of the home:Under renovation

The scandal“didn’t hurt the price at all.

When you have such a prime piece of real es-

tate, someone’s gonna do it,”said Christopher

Riccio, a real-estate agent who wasn’t in-

volved in the deal but has sold a number of

West Village townhouses. Few, he said, have

ever sold for more than $25 million.

MARCH 30, 2018 SOLD

Property:West Hollywood condo

Sold for:$940,000 to Colton Thorn, a Los

Angeles interior designer, who will use it as

an office and studio, according to Mr. Gore-

lick of Compass, the buyer’s agent. Mr. Thorn

didn’t respond to requests for comment.

List price:$999,000.

Purchased:$910,000 in 2015

Profit:$30,000. Mr. Gorelick said he and his

client didn’t know who the seller was until

the deal was already in escrow, at which

point Mr. Weinstein asked Mr. Gorelick

through an attorney to accept a reduced

commission. Mr. Gorelick refused, he said.

APRIL 3, 2018 SOLD

Property:Los Angeles home

List price:N/A, off-market sale

Purchased:$1.55 million in 2015 for daughter

Lily, according to people familiar with the home

Profit:$250,000

What:3 bed, 2 bath, 1,400 square feet, fire-

place, stenciled beams, 1920s Tudor

Buyer:Jessica Natali, an attorney at Live Na-

tion Entertainment. Ms. Natali declined to

comment.

“From 2015 to 2018, [Los Angeles] had tremen-

dous appreciation, and I’m not sure he got all

of it,”said Mauricio Umansky, a broker with

the Agency in Los Angeles, who wasn’t in-

volved in the sale.

Sold: $25.6 million

Sold: $1.8 million

MAY 25, 2018

Mr. Weinstein is arrested in New York, charged

with rape, and released on a $1 million cash

bail. The judge allows him to continue living at

the Westport estate and travel between there

and New York, providing he surrender his

passport and wear an ankle bracelet. Mr.

Weinstein pleads not guilty.

JULY 13, 2018

Weinstein Co. ceases business operations.

AUGUST 2018 LISTED

Property:Commercial condo

Location:Greenwich Street, Tribeca, Manhat-

tan

Purchased:$1.1 million in 1989 by Mr. Wein-

stein and his brother Robert

What:6,000 square feet, third floor of red

brick loft building which had been used as

Mr. Weinstein’s office. It was also named as

the site of an alleged 2004 assault in a crim-

inal complaint filed against Mr. Weinstein.

His lawyers denied the allegation at the time,

and the charge related to the 2004 allega-

tion was later dropped.

The building is home of Robert DeNiro’s

Tribeca Grill and the office of the Tribeca

Film Festival.

APRIL 10, 2019 SOLD

Property:Commercial condo

Sold for:$6.1 million. The purchase price

was about $710 a square foot, lower than

the average commercial condo price in

Tribeca of around $1,000, according to Mi-

chael Rudder, agent for Cape Advisors, the

buyers.

List price:$7.9 million

Purchased:$1.1 million in 1989

Profit:$5 million

Buyer:Cape Advisors, a New York-based de-

velopment and investment firm

Fate of the property:Cape Advisors is ren-

ovating it to use as its headquarters

“People are turned off by anything to do with

[Mr. Weinstein],”said Mr. Rudder.The buyer

“almost didn’t want to do the deal because

of this.”

MAY8,2019LISTED

Property:Beverly Grove home

Location:Los Angeles

Purchased:$1.76 million in 2014

What:2,600 square feet, 3 bedrooms, built in

the 1920s.

Fate of the property:The price has since

been cut to $2.2 million.

MAY 14, 2019

Weinstein Co. converts its bankruptcy filing

from chapter 11 to chapter 7 liquidation.

Total profit before fees,

commissions and profit-sharing

with other property owners

$22.8 million

—Additional reporting from Corinne Ramey

and Jonathan Randles.

Write to Candace Taylor atCandace.Tay-

[email protected]

List price: $10 million

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ABYNDVIVIANPETERSNALAMAICHOLAS

List price: $2.3 million

JULY 27, 2017 PRICE CUT

Property:Hamptons family home

Price:Reduced to $12.4 million from $12.8

million

SEPTEMBER 9, 2017 PRICE CUT

Property:Minute Man Hill

Price:Reduced to $1.795 million from $1.995

million

OCTOBER 2, 2017 SOLD

Property:Minute Man Hill

Sold for:About $1.6 million

Purchased:$825,000 in 1995

Profit (All profit figures are before fees,

commissions and profit-sharing with other

property owners):$775,000. According to

court documents, Mr. Weinstein shared the

proceeds of the sale with his first wife, Eve

Chilton. Mr. Weinstein and Ms. Chilton, his

former assistant, were married from 1987 to

2004 and have three children. Ms. Chilton

couldn't be reached for comment.

Buyer:Leslie Cohen, a Westport designer and

developer

“I don’t know if I would have bought it at all,”

said Ms. Cohen, who closed on the purchase

three days before the New York Times article

was published.

Fate of the home:Ms. Cohen sold it in June

2018 for $1.425 million to the next-door

neighbors, New York physician Arturo Con-

stantiner and his wife, Caren Constantiner. Dr.

Constantiner said their decision to purchase

the house wasn’t impacted by Mr. Weinstein’s

prior ownership of the property, but he

thought Ms. Cohen paid too much for it. Ac-

cording to Westport building permits, the

Constantiners demolished the home in the

fall of 2018. The lot is vacant.

OCTOBER 5, 2017

The New York Times article is published.

The article“came as a surprise to everybody,

including us. Everybody took a deep breath and

thought, ‘I hope we can move this,’”said Beate

V. Moore, Sotheby’s International Realty, one

of the listing agents for Mr. Weinstein’s

Hamptons family home.

OCTOBER 8, 2017

Weinstein Co.’s board of directors fires Mr.

Weinstein. He retains his ownership equity.

OCTOBER 10, 2017

The New Yorker publishes an article detailing

additional allegations against Mr. Weinstein.

The same day, Ms. Chapman announces she

is leaving Mr. Weinstein. The couple, who

have two children, eventually agreed on a $20

million divorce settlement.

OCTOBER 13, 2017

Property:Hamptons family home

Mr. Weinstein takes the home off the market,

but Ms. Moore and the Sotheby’s team continue

to market it privately, according to Ms. Moore.

NOVEMBER 15, 2017 SOLD

Property:Hamptons family home

Sold for:$10 million

List price:$12.4 million

Purchased:$11.65 million in 2014

Loss:$1.65 million

Buyer:Taisho Holdings LLC. Ms. Moore de-

clined to identify the buyers behind the entity,

but said some potential buyers were worried

about being dragged into the headlines.

“Some people will just say, ‘I’m walking away

from this,’”said Ms. Moore.

FEBRUARY 2, 2018 SOLD

Property:Westport, Conn., family home

Location:Beachside Avenue

List price: $1.795 million

Sold: $16 million