SAC's Cohen pays $60 mln for Hamptons oceanfront home - NYT

March 27 Wed Mar 27, 2013 8:30pm EDT

March 27 (Reuters) - Steven A. Cohen, the hedge find titan who runs SAC Capital Advisors, agreed last week to buy an oceanfront home in East Hampton, New York for $60 million, the New York Times said, citing a person with direct knowledge of the sale.

At the same time, Cohen put his duplex apartment in a midtown Manhattan tower on the market for $115 million, the newspaper said, citing the person.

News of the real estate activity surfaced one day after reports that Cohen bought Pablo Picasso's "Le Reve" from casino owner Stephen Wynn for $155 million.

The spending comes as regulators scrutinize Cohen's business.

On March 15, the U.S. Securities and Exchange Commission said Cohen's firm had agreed to pay $615.7 million in the largest-ever insider trading settlement.

U.S. District Judge Victor Marrero is expected on Thursday morning to hold a hearing to consider the settlement, which requires his approval.

East Hampton is located on the eastern end of Long Island, which has in the last couple of decades gained considerable cachet on Wall Street as a popular - and often costly - place to get away from the office, especially in the summer.

A spokesman for Cohen declined to comment.

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