With the unofficial start to the summer — Memorial Day — right around the
corner, one Wall Street tycoon, Ron Baron, will be looking to get some rest
and relaxation sometime on his soon-to-be-private 40-acre piece of land in one
of the Northeast's priciest summer vacation destinations, East Hampton, N.Y.
Newsday reports the founder of Baron Capital Management is close to acquiring
the property for more than $110 million. The deal would set a record purchase
price for residential real estate in the U.S. The closing is scheduled for
mid-June. The acquisition tops billionaire dealmaker Ronald Perelman's
sale of his Palm Beach, Fla., home for $70 million in 2005. Baron will be in
good company in his new neighborhood. His next-door neighbors include Yahoo!
Inc. chief executive Terry S. Semel and comedian Jerry Seinfield.
—Gerald Magpily
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