2008′s Highest Paid CEO Has Hamptons House on Market

In case you’re house-shopping on Long Island over Labor Day weekend, here’s a home for sale with an impressive owner. The Blackstone Group founder and CEO, Stephen Schwarzman, who is reported to be the highest-paid CEO in the U.S. last year, has put his East Hampton, NY home on the market for $7.2 million.

Cove Hollow Farm is located at 52 Ruxton Rd, East Hampton, NY 11937,  sits on 2.10 acres and is a modest 3,250 sq ft, with 4 bedrooms, 3.5 baths, a pool/poolhouse and Har-Tru tennis court. According to the Wall Street Journal, Schwarzman is selling this home as he prepares to move into a “…9.9-acre estate in nearby Water Mill, NY, which he bought for $34 million in 2005. He also owns a 20,000-square-foot triplex apartment at 740 Park Ave, New York, NY, for which he paid $38 million in 2001, and a 13,000-square-foot estate in Palm Beach, FL, he bought in 2003 for $20.5 million.

While financial investment vehicles are imploding all around us, Schwarzman’s Blackstone group, a private equity firm, is thriving. Schwarzman received a compensation of $702 million in 2008 and second was Oracle founder Larry Ellison at $543 million.

According to Bloomberg News, Schwarzman bought the Ruxton Road property in 1996 for $2.3 million and paid $30,412 in property taxes on it in 2008. If you look how Schwarzman’s home stacks up against homes around it, his East Hampton home is valued higher than 89% of the nearby homes. It just goes to show you what kind of wealth exists in the Hamptons.