Last summer, Charles Payson “Chase” Coleman III was jogging a victory lap of life. Bloomberg had just crowned the Tiger Global Management chief, 46, as the world’s top-earning hedge fund manager of 2020, with a princely take-home haul of $3 billion. That big win seemed to fulfill Coleman’s lifelong destiny; the blue-blooded New Yorker is a direct descendant of Peter Stuyvesant, the last Dutch governor of New York, and was educated at elite schools. From early adulthood, Coleman was groomed to become a top financier by hedge fund legend Julian Robertson, a longtime family friend.
Coleman and his wife Stephanie Ercklentz Coleman — who appeared in the infamous 2003 documentary “Born Rich” alongside Ivanka Trump and Georgina Bloomberg — already own several estates, including an oceanfront mansion on the Hamptons’ so-called “Billionaires’ Row” and a $100 million duplex apartment near New York City’s Central Park.
And last summer, loaded with riches, the couple decided to spread their real estate wings, and records indicate they quietly landed on Malibu’s Point Dume. As billionaires do, they didn’t just buy one property — they bought two homes, from two different sellers in two separate off-market deals totaling a whopping $56 million. That’s a lot of money, but it’s also considerably less than $122.7 million, which is the amount that Coleman’s business partner Scott Shleifer recently paid for a Palm Beach mansion.
Life was good. But unfortunately for Coleman and his associates, 2022 has shaped up to be an epically disastrous year. Not only has Tiger Global been absolutely mauled over the last few months, with a whopping $17 billion in hedge fund losses, but the same tech-focused strategy that made the firm a standout success has now proven to be its Achilles’ heel, with early and huge bets on tech companies like Facebook, Zoom and Peloton returning to wreak havoc on company balance sheets.
But the Colemans are still worth $10.3 billion, per Forbes, so they can still afford to weather stock market whims and cast their troubles adrift in Malibu, where it’s all about sunshine and relaxation. They can also bounce between their two lavish homes, which are jogging distance apart but very different in appearance and positioning. One of them, a $21 million spread, is a landlocked property with no sea view, though it contains a brand-new contemporary mansion. The other property, which cost $35 million, has a much smaller and older house but also boasts stunningly unobstructed ocean views from its clifftop perch.
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The $21 million home was built on speculation by veteran Malibu local Richard Sperber; because it was never on the market, photos and details are scant. But permit records indicate the house spans about 8,000 square feet across three stories, including a full basement level and attached garage. While the 1.12-acre property is landlocked and has no ocean view, it did transfer with a coveted “key” to nearly-private Little Dume Beach, a favored celebrity haunt, and it includes a backyard swimming pool and dense tropical landscaping.
As for the more expensive Point Dume property, that blufftop estate (below) has changed hands four times in the past five years alone, and so we’ve written about it on multiple occasions.
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Image Credit: via Zillow Dictionary.com founder Brian Kariger sold it to the Colemans, and other prior owners include Duty Free heiress Alexandra von Furstenberg and genetic testing entrepreneur Charles Dunlop, who bought the place back in 2017 for “just” $20 million.
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Image Credit: via Zillow No word yet on what Coleman plans to do with this spread, which sits on a prime one-acre lot on the cliffs above Little Dume Beach. But despite the $35 million sale price, don’t be surprised if the relatively modest house is soon demolished or extensively renovated.
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Image Credit: via Zillow Originally built in 1966, the classic midcentury ranch house has been renovated in recent years, and now sports a clean-lined floorplan and contemporary finishes.
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Image Credit: via Zillow The seaside structure has three bedrooms and three baths in about 2,200 square feet. Of course, the property’s best attribute remains its unobstructed views of the deep blue Pacific.
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Image Credit: via Zillow Inside, the house features an open living area with a living/dining space adjoining a kitchen equipped with premium stainless appliances.
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Image Credit: via Zillow Floor-to-ceiling glass doors provide an exemplary indoor/outdoor lifestyle.
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Image Credit: via Zillow The skylit master bathroom has been completely redone, now features a glassy shower, built-in soaking tub and dual sinks.
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Image Credit: via Zillow The property also features native, drought-tolerant landscaping and a bocce ball court in the front yard. At the far rear of the lot, a wooden deck overlooks the Point Dume coastline.
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Image Credit: via Zillow Oceanfront living is nothing new to the Colemans, of course. Their previously-mentioned Hamptons (spread) below was acquired back in 2007 for $32.5 million and sits on Southampton’s ultra-prime Meadow Lane. In addition to a pool and poolside guesthouse, there’s also a mansion-sized main house and a small cottage sitting on the dunes overlooking the beach.
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Image Credit: Google