The hedges are being trimmed -- not only at the firms with redemptions piling up, but also at their leafy lairs. Out-of-work hedge fund millionaires are exiting Greenwich, Conn., en masse, with a record number of their pricey mansions now on the block.
“They’re even turning back leases on their luxury cars because they can’t afford those, either,” said Gary Cheeler, an investor and adviser to the hedge fund industry, which is struggling with scores of shutdowns and clients seeking to make year-end withdrawals.
A report by Prudential Connecticut Realty in Greenwich -- home to the East Coast’s biggest cluster of hedge fund shops outside Manhattan -- said the number of homes valued at $8 million and higher that are now languishing unsold soared by one-third recently.
Some of the homes could even face foreclosure, but no one’s going to admit it, Cooke told On the Money. “People here don’t want to talk about what kind of troubles they might be in.,,,”
Grab a hankie and read on at http://www.nypost.com/p/news/business/greenwich_lean_time_iyRIfUjMbc2yt3dV96rHcK
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