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Billionaire Has Trouble With Rent-Versus-Buy Calculator

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Since his new Sagaponack home is still under construction, billionaire hedge funder Philip Falcone has just inked a deal to rent Stone Meadow Farm in East Hampton this summer for $700,000. If his lease indeed runs through Labor Day, that works out to be less than $65,000 a week. (For comparison, Mariah Carey paid $125,000 a week when she rented this house back in 2008.)

Falcone has a peculiar fondess for the historic farm; he wanted to buy it in 2009, but lost a bidding war with Isabel Rose (of the Rose Associates real estate dynasty). She snapped it up for $12.5 million, which, at the time, was the most expensive North of the Highway deal ever.

The house itself sits on 8-acres and is 18,000-sq-ft with 10 bedrooms and 12.5 baths. In addition to the standard pool/spa package, it also comes with two extra cottages (perfect for guests or staff), a five-horse stable, and an "attractive barn."

· Falcone Crest [New York Post]
· 172 Cedar Street, East Hampton [Corcoran]
· All Previous Stone Meadow Farm [Curbed Hamptons]