Peloton CEO Buys $55 Million Hamptons Estate, Despite Company’s Plummeting Share Prices

Peloton isn’t having a great month, for many reasons, but that didn’t stop CEO John Foley from scooping up a $55 million compound in East Hampton, sources confirmed to the New York Post.

The home, located at 442 Further Lane and listed by Hedgerow Exclusive Properties, initially went on the market in September for $52.5 million, and sources say Foley purchased the property on December 2 for $3 million over-asking.

The East Hampton compound was built by famed Hamptons architect Francis Fleetwood, known for his shingle-style, romantic country homes. Spanning 6,100 square feet on a four-acre plot, the home has five bedrooms and seven bathrooms. The property is ultra-secluded and private, flanked by towering trees on every side.

The home is located near the beach and faces the water; there is beachfront access and more than 400 feet of water frontage. There’s an in-ground pool with a stone deck, as well as plenty of outdoor space for lounging and entertaining. The two-story home has an oversized lower level and a private second floor, with separate wings housing the primary suite and other bedrooms. Sundecks abound on both floors, offering immaculate views of the water.

Further Lane is a prestigious lane in East Hampton known for sprawling estates and pricy homes. Past and present neighbors include fashion designer Calvin Klein, billionaire Ken Griffin, Jerry Seinfeld, hedge fund manager Jim Chanos, gallery owner Larry Gagosian and many more.

In November, Forbes reported Peloton’s shares plunged more than 30% as gyms reopened and vaccine rates increased around the country. After shares plummeted, Foley is no longer a billionaire with an estimated fortune at just under $700 million. Before shares went down, he sold stock, giving him cash to purchase the home.

It was also reported in November that Foley put his former East Hampton home for sale at 12 Koala Lane. It’s located close to his recent purchase at 442 Further Lane.

The drama, however, continues. In early December, Peloton shares sharply dropped after actor Chris Noth’s character, Mr. Big, dies on a Peloton in the Sex and The City reboot, And Just Like That. According to a report from BuzzFeed News, the company wasn’t aware how the bike would be used in the series due to confidentiality reasons. This week, Peloton hit back at And Just Like That with an ad starring Chris Noth (who plays Mr. Big). However, Peloton pulled the ad after two women came forward accusing Noth of sexual assault, which he strongly denies.

Amid the turbulence, it was reported Foley hosted a swanky, invite-only holiday party that excluded many Peloton employees on Wednesday, December 8 at The Plaza Hotel in New York City amid rising Covid-19 cases due to the Omicron variant. However, he released a statement that the party wasn’t affiliated with Peloton and wasn’t an official company party.

While 2020 was a good year for Peloton, the company’s shares have dwindled from $150 per share at the end of 2020 to now averaging $40 per share.