Billionaire Mark Rowan just dropped $30M on a record North Fork land buy
Mark Rowan spent thirty million on land in East Marion.
The short version
- The head of Apollo Global Management bought over one hundred acres.
- Neighbors saw trucks and wondered if big construction was starting.
- Rowan says he is only cleaning up old trash and junk.
- He has no plans to build anything right now.
Billionaire investor Mark Rowan just set a record on the North Fork with a $30 million land buy, according to The Real Deal. The head of Apollo Global Management, which oversees roughly $1 trillion in assets, picked up more than 100 acres of prime waterfront property around Cove Beach in East Marion.
It marks the most expensive land sale in North Fork history. The sprawling site sits along the Long Island Sound near Stoney Beach and Cove Beach roads. For now, Rowan says he has zero plans to build anything on the property.
According to Rowan, crews have simply been hauling away old cars and dumpsters from land that sat idle for 50 years. Local residents quickly noticed the heavy activity and called town officials to investigate. Rowan insists the site is just getting a long-overdue cleaning after decades of neglect.
Some 69 acres of the massive parcel are already protected by Peconic Land Trust easements. The land also carries a glamorous pedigree, having once been owned by Billy Joel and Christie Brinkley in the 1980s. Rowan already owns several popular Hamptons spots, including Duryea's in Orient Point and Sag Harbor's Lulu Kitchen & Bar.
He says he bought the waterfront acreage simply because it is the most beautiful piece he has seen in years. For local neighbors watching every move, the billionaire says he will just study the land over the next few years. That is one very expensive way to buy some peace and quiet.
