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Barstool Sports founder Dave Portnoy has purchased a waterfront home in Nantucket for $42 million, the most ever spent on a house in that part of Cape Cod, according to a Friday report from the Wall Street Journal.
The record-setting transaction for the well-to-do Massachusetts island tops the previous high of $38.1 million that was set in June, according to property records. The sale also included an additional $2 million for furniture and other items that were not included in the sale price, the report states.
The property is roughly 1.2 acres and is located in front of the Nantucket Harbor. It has a pool and a guest house, as well as an underground tunnel that connects parts of the estate.
Portnoy, who is a Massachusetts native, founded Barstool Sports in 2003. Barstool generated $80.9 million in revenue in the first six months of 2023, according to Penn’s Aug. 9 SEC filing, while having a net loss of $16.1 million.
Gambling company Penn Entertainment
PENN,
finalized its purchase of Barstool Sports at a $550 million valuation in February 2023, and then sold it back to Portnoy for $1 in August 2023. Penn also said that it has the right to take half of the gross proceeds if Portnoy sells Barstool Sports again.
In addition to owning Barstool Sports, Portnoy, 46, is known for reviewing pizzerias. He has also been involved in several controversies in recent years. He was accused of sexual misconduct by multiple women — allegations that he has publicly denied — and he went viral on social media earlier this month for feuding with the owner of a pizza shop in Massachusetts. Representatives for Portnoy did not immediately respond to MarketWatch’s request for comment.
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