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.