Hedge Fund Millionaires Leaving Greenwich 'En Masse'

As a result of the recent exodus, there now exists “a record number” of “pricey mansions" on the market in town, according to a New York Post report.

Greenwitch Patch,

9 November, 2011

A recent article in the New York Post claims that Greenwich’s “hedge fund millionaires” are packing up and leaving “en masse,” with many seeking to divest themselves of their pricey mansions as quickly as possible, as hedge funds shut down and clients increasingly seek to make year-end withdrawals in the wake of the economic crisis.

The article claims that as a result of the recent exodus, there now exists “a record number” of “pricey mansions" on the market in town.

In the article, Gary Cheeler, an investor and adviser to the hedge fund industry, said some of Greenwich’s wealthier residents are also turning back leases on their luxury cars “because they can’t afford those, either.”

The article cites a report by Prudential Connecticut Realty in Greenwich which states that the number of homes valued at $8 million or higher on the market recently increased by about one-third — with about 10 percent of those built on speculation.

In order to expedite the process of selling their lavish homes and estates, many of which have been sitting on the market for more than a year, some wealthy residents are taking the option of auctioning their homes to the highest bidder, even if it means taking a huge loss.

As reported recently on New Canaan Patch, two multi-million dollar homes in New Canaan were recently auctioned to the highest bidder by Concierge Auctions, which specializes in high end home auctions. It is part of a growing trend among wealthier homeowners seeking to offload their homes as quickly as possible in an almost completely stagnated market