WeWork founder Adam Neumann has sold his luxury Hamptons getaway for $1.25million, just months after he was ousted from the firm amid a failed IPO attempt and claims of his erratic behavior.
The eccentric co-founder of the global co-working firm parted ways with the Water Mill farmhouse, based in the Hamptons, New York, in a secret deal last month.
Neumann has taken a hit from the property, losing around $500,000 in the sale after it went for $1.25 million, significantly less than the $1.7 million he bought it for back in December 2012.
An aerial view of the Water Mill farmhouse, based in the Hamptons, New York, which WeWork founder Adam Neumann sold for $1.25million last month
The luxury Hamptons hideaway boasts a large heated swimming pool and small cottage, a previous listing shows
A Google Earth image shows the luxury Hamptons getaway which Neumann sold in a secret deal last month
The entrepreneur appears to be frantically offloading his real estate portfolio, after he also put his luxury Manhattan home on the market in February.
Reports are circling that his wealth has plummeted after he stepped down from WeWork back in September amid allegations that he had cashed out more than $700 million from the company shortly before the IPO and subjected staff to his eccentricities including trying to become immortal.
Details of the deal on his Hamptons property were kept under wraps, with a listing never hitting the open market.
The sale comes just months after Neumann (pictured) was ousted from the firm amid a failed IPO attempt and claims of his erratic behavior
The mystery millionaire buyer is said to be a limited liability company, Mansion Global reported.
It’s easy to see what first drew the entrepreneur to the hideaway, with an aerial shot of the retreat revealing a large heated swimming pool and the sprawling home surrounded by trees and woods, offering some privacy for the billionaire set.
A previous listing on Zillow.com describes the farmhouse as ‘just the right fit for those in search of seclusion and tranquility yet with easy convenience to villages and ocean beaches’.
The entrepreneur appears to be frantically offloading his real estate portfolio, after he also put his luxury Manhattan home on the market in February. The entrance hall is pictured in an old listing
The property seems to boast a large dining room leading onto the sprawling 1.42 acre lot
A bedroom in the property seen in an old listing: Neumann has taken a hit from the property, losing around $500,000 in the sale after it went for $1.25 million, significantly less than the $1.7 million he bought it for back in December 2012
Another of the four bedrooms in the old listing: Details of the deal on his Hamptons property were kept under wraps, with a listing never hitting the open market
Built in 1994, the property is said to boast a 1.42 acre lot, four bedrooms, a large vaulted sky-lit kitchen with informal dining area and fireplace, open living and dining rooms, secluded den and 3 full bathrooms.
Then there’s the breathtaking views overlooking 170 acres of agricultural reserves and scenic easements and an adorable guest cottage.
It is not clear to what extent Neumann and his wife Rebekah, 42, have revamped the property during their seven-year ownership.
The images of the previous listing show traditional, old-fashioned decor (including the traditional farmhouse-style kitchen above) – a far cry from the minimalist, modern spaces that WeWork has become synonymous with
A previous listing on Zillow.com describes the farmhouse as ‘just the right fit for those in search of seclusion and tranquility yet with easy convenience to villages and ocean beaches’
Built in 1994, when the Neumanns bought the property it boasted a 1.42 acre lot, four bedrooms, a large vaulted sky-lit kitchen with informal dining area and fireplace, open living and dining rooms, secluded den and three full bathrooms
Another bedroom pictured in the old listing reveals old hardwood floors. The mystery millionaire buyer is said to be a limited liability company
It is not clear to what extent Neumann and his wife Rebekah, 42, have revamped the property (from the above images) during their seven-year ownership
However, the images of the previous listing show traditional, old-fashioned decor – a far cry from the minimalist, modern spaces that WeWork has become synonymous with.
The Neumanns are also no stranger to extensive renovations after they completely redesigned their apartment in Manhattan’s elite Gramercy neighborhood.
The couple bought four apartments in the 1920s condo building, including its penthouse, in 2017 and have merged them into a massive three-story apartment.
It’s easy to see what first drew the entrepreneur to the hideaway, with a large heated swimming pool and the sprawling home surrounded by trees and woods, offering some privacy for the billionaire set
Then there’s the breathtaking views overlooking 170 acres of agricultural reserves and scenic easements and an adorable guest cottage
Neumann’s offloading of his real estate comes after he has faced something of a fall from grace in recent months and his wealth is reported to have plummeted
This property is now also on the market for $37.5 million with real estate agent Nick Gavin of Compass.
Neumann’s offloading of his real estate comes after he has faced something of a fall from grace in recent months and his wealth is reported to have plummeted.
The entrepreneur co-founded WeWork along with wife Rebekah and Miguel McKelvey in 2010, and in less than a decade the co-working firm had become the most valuable start-up in the US.
The large living room at the property boasted floor to ceiling windows and wooden floors when Neumann bought the property
The entrepreneur co-founded WeWork along with wife Rebekah and Miguel McKelvey in 2010, and in less than a decade the co-working firm had become the most valuable start-up in the US
Reports are circling that his wealth has plummeted after he stepped down from WeWork back in September amid allegations that he had cashed out more than $700 million from the company shortly before the IPO and subjected staff to his eccentricities including trying to become immortal
A hammock among the trees offers a relaxing break – the perfect getaway from the chaos of New York where WeWork is headquartered
The home also featured a small but adorable cottage – matching the exterior of the main home – in the grounds for guests to stay in
But Neumann’s reign started to unravel last year when he filed the company’s hotly-anticipated IPO paperwork.
Reports then surfaced that Neumann had cashed $700 million out of the company shortly before the IPO and employees spoke of his eccentric behavior – including smoking marijuana on private jets and trying to become immortal.
This saw the company’s value plummeted to less than $8billion from $47billion.
IPO plans were shelved and Neumann stepped down as CEO in September, amid claims the board was planning to oust him.
Hurun Global Rich List said that Neumann’s wealth had plunged by 80% or $100 million each week between January 2019 and January 2020.
Neumann has also put his apartment (above) in Manhattan’s elite Gramercy neighborhood on the market for $37.5 million
Neumann and his wife Rebekah completely redesigned the space (above). They bought four apartments in the 1920s condo building, including its penthouse, in 2017 and have merged them into a massive three-story apartment
The triplex is on the market with real estate agent Nick Gavin of Compass as it seems Neumann is offloading his real estate portfolio following a challenging year