Harvey Weinstein's Selling Spree: Decoding His $51.6M Real Estate Dump
In the last six months, the disgraced mogul, under numerous criminal investigations for sexual assault, has sold five properties. But will the gains pay off?
It's no secret that Harvey Weinstein is rushing to unload his real estate portfolio. Over the past six months, the disgraced mogul, under numerous criminal investigations for sexual assault, has sold five properties for a total of $51.6 million, most recently his Greenwich Village townhouse ($25.6 million). But how far can the gains from these transactions take Weinstein, whose expenses and legal fees are mounting daily?
Weinstein, 66, reportedly will pay between $15 million and $20 million to wife Georgina Chapman, who announced their separation shortly after allegations surfaced. Since October, he has lived at the Optima Sonoran Village in Scottsdale, Arizona — where monthly rents range from about $1,300 to $4,700 — and attended addiction treatment at The Meadows, where costs over a six-month period can easily reach into the low- to mid-six figures (health insurance usually covers a portion). He also faces hefty legal fees.
Also since October, Weinstein had been represented by crisis PR firm Sitrick and Co., which dropped him April 3. A former Sitrick employee estimates that Weinstein racked up fees in the low-six figures. "When Sitrick drops a client like Harvey," the ex-employee notes, "that usually means they stopped paying." Perhaps because he's taken some losses on the properties he sold: His estate in Amagansett, New York, sold in January for $10 million, $1.65 million less than he paid four years earlier. Two properties in Westport, Connecticut, sold for a total of $16 million, $7.7 million more than he paid for them. But so far the biggest gain ($10 million) has come from the townhouse, which he bought for $15 million in 2006.
Weinstein still owns one property: a 1,400-square-foot, two-bedroom cottage in West Hollywood, previously occupied by his eldest daughter, Remy (with first wife Eve Chilton), that listed for rent last year: $7,495 a month.
This story first appeared in the April 12 issue of The Hollywood Reporter magazine. To receive the magazine, click here to subscribe.