Posted: July 4th, 2023, 06:08 pm.
Last Updated: July 4, 2023, 06:08 PM.
Fanatics founder Michael Rubin is adding to his luxury real estate portfolio, having recently acquired a Hamptons mansion for $50 million.
Located on East Long Island, the Hamptons have long been a prime summer destination for wealthy New Yorkers and celebrities. Rubin bought the mansion from Zeil Feldman of HFZ Capital Group. It last sold in 2000 for $4.35 million, according to new york post, Feldman made significant changes to the structure, making it an 8,000-square-foot home with seven bedrooms and four bathrooms.
The Hamptons home isn’t Rubin’s first foray with New York’s high-end real estate. In 2018, he spent more than $40 million for a downtown Manhattan penthouse, a record price for that particular neighborhood.
Rubin’s Hamptons house is located close to properties owned by Beyoncé and Jay-Z, Ben Affleck and Jennifer Lopez, and New England Patriots owner Bob Kraft.
Rubin, 50, was born outside Philadelphia. Fanatics is based in Florida. His net worth is estimated at $3.5 billion.
Rubin is putting the Hamptons mansion to good use
Rubin hosted a lavish Fourth of July “White Party” at his new Hamptons home, attended by a host of athletes and celebrities.
Attendees at the 11th-hour party included Jay-Z, Beyoncé, retired NFL legend and Las Vegas Raiders minority owner Tom Brady, French soccer star Kylian Mbappe, several NBA players and Leonardo DiCaprio.
Rubin previously had minority stakes in the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils, but he sold those interests last year to avoid a potential conflict of interest as he made Fanatics a more serious move into the world of regulated sports betting. was ready to pick up. He reportedly made a windfall of $300 million by selling his 10% stake in those teams.
Fanatics is valued at $31 billion in private markets. Like Rubin’s parties, Fanatics’ investor list is full of well-known names.
The company counts among its investors the four major American sports leagues – Major League Baseball (MLB), NBA, NFL and NHL – as well as Major League Soccer (MLS). Other investors include Silver Lake, SoftBank, BlackRock, Fidelity and MSD Partners – an investment vehicle controlled by Dell founder Michael Dell.
Rubin is resting after a busy June for fanatics
Perhaps the white party at the Hamptons mansion was Rubin’s way of whipping up some cheer with famous friends after an active June for fanatics.
His company eventually won out for the US operations of PointsBet (OTC: PBTHF), but only after it raised its bid to $225 million in cash.
The contender was forced to do so after rival DraftKings (NASDAQ: DKNG) entered the fray with an offer of $195 million, which was far higher than the Fnatic’s initial offer.
There was speculation that due to a long-standing feud between Rubin and DraftKings co-founder and CEO Jason Robbins, the latter only joined the PointsBet US sales process to upset the fanbase.