What happens to an embattled former hedge fund manager's Atherton estate when said financier heads off to prison for insider trading? In the case of Doug Whitman and his 12,800-square-foot Italian country manor, the place gets put on the market for $20.7 million. Whitman, the founder of Whitman Capital LLC, is currently serving a two-year sentence for profiting on trades on Google and video-conferencing company Polycom based on illegal tips. That opens up his five-bedroom, six-bath mansion for its next well-heeled owner. This isn't the first time Whitman has put his mega-abode on the market. Last year he was looking for $21.988 million for the manor house, which shares its tidy 1.73-acre lot with a solar-heated heated pool, an outdoor kitchen, and a putting green. The price drop amounts to $1.288 million, a few grand more than the $935K a U.S. District judge ordered Whitman to forfeit upon his guilty verdict.
Built in 2003, the home sits right across the polo grounds from the prestigious Menlo Circus Club. The ambience is modern luxury through and through, from the grand dining room that easily seats 14 to the wood-paneled executive office. Whitman is currently trying to have his insider trading conviction thrown out, but even if he does leave prison he likely won't have this estate to return home to.
· Imprisoned Hedge Fund Founder Seeks to Void Insider Trading Conviction [Reuters]
· Take a Peek at the $21.9M West Atherton Home Being Sold By a Former Hedge Fund Manager Convicted of Insider Trading [Silicon Valley Business Journal]
· 1 Faxon Road, Atherton [Redfin]