Phil Falcone, hedge-fund billionaire fallen on tough times.
Once a hedge-fund superstar worth $2 billion, bad investments have left him having to sell off his prized possessions to pay his bills: Upper East Side townhouses, a Hamptons mansion, a custom-made grand piano, all gone.
Now he is in a legal tussle with a pawnbroker over millions of dollars of goods he and movie producer wife Lisa Maria Falcone put up as collateral, according to court records. It’s a long fall from grace from making a name as philanthropists and hosting movie stars.
It’s quite a comedown for the cofounder of Harbinger Capital, which managed $26 billion at its peak.
But Falcone, who hauled in most of his cash betting huge against sub-prime mortgages like in movie “The Big Short,” remains optimistic about a comeback, even as others wager against him.
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