Billionaire Charles Cohen faces losing his fine wines, artworks, mansions, superyachts and Ferraris as he scrambles to sell properties so he can pay back loans that went bad on soured real estate deals, according to a report.
Cohen, 73, is being sued by Fortress Investment Group over a $535 million loan it made to his property firm, Cohen Realty Enterprises, in 2022.
His collateral included a Manhattan office tower, the Le Méridien Dania Beach hotel in Fort Lauderdale, Fla., and four other properties, according to records from New York State Supreme Court.
Billionaire real estate mogul Charles Cohen in 2015. Los Angeles Times via Getty Images
But Cohen, who has a nearly $2 billion net worth, also personally guaranteed $187.2 million of that loan, the Wall Street Journal earlier reported.
That opened the door for Fortress, an investment giant partially owned by Abu Dhabi government fund Mubadala Capital, to go