Barstool Sports founder Dave Portnoy breaks Nantucket record with $42 million house purchase

By Weston Blasi

Portnoy's newly acquired island redoubt reportedly has an underground tunnel

Barstool Sports founder Dave Portnoy has purchased a waterfront home in Nantucket for $42 million, the most money ever spent on a house on the island off Cape Cod, according to a Friday report from the Wall Street Journal.

The record-setting transaction for the island enclave tops the previous high of $38.1 million, which was set just months ago, in June, according to property records. Portnoy reportedly paid an additional $2 million for furniture and other items that were not included in the house sale itself.

The roughly 1.2-acre property, described by the Wall Street Journal as a compound with Nantucket Harbor frontage, includes a pool and a guest house, as well as an underground tunnel that connects parts of the estate.

Portnoy, a Massachusetts native, founded Barstool Sports in 2003. Barstool generated $80.9 million in revenue in the first six months of 2023, according to Penn's Aug. 9 SEC filing, while having a net loss of $16.1 million.

Gambling company Penn Entertainment (PENN) finalized its purchase of Barstool Sports at a $550 million valuation in February 2023 and sold it back to Portnoy for just $1 in August 2023. Penn said that it retains the right to half of the gross proceeds if Portnoy sells Barstool Sports again.

Portnoy, 46, has been involved in several controversies in recent years. He was accused of sexual misconduct by multiple women -- allegations that he has publicly denied -- and he went viral on social media earlier this month for a sidewalk altercation with the owner of a pizza shop in suburban Boston who argued that Portnoy's pizzeria reviews are bad for small-business operators.

Representatives for Portnoy did not immediately respond to MarketWatch's request for comment.

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-Weston Blasi

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09-30-23 1227ET

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