Well, hope you're happy with yourselves, Citigroup shareholders: You've gone and made Vikram Pandit sell his house.
OK, maybe you didn't actually make him sell it. And maybe this is not his only house. But he is selling a house, this much we know. An expensive house, to be exact.
He's asking $4.3 million for the six-bedroom, six-and-one-half-bathroom "timeless" colonial, built in 1939, according to the listing by Sotheby’s International Realty in Greenwich. The house sits on 2.37 acres, with an in-ground pool, two-car garage (no word on an elevator) and "rolling grounds."
"Traditional elegance at its best," says the listing.
For the record, Pandit likely does not need the cash. Though he toiled on a salary of only $1 per year in 2009 and 2010, he had a pay package of nearly $15 million in 2011. The shareholder rejection of his pay plan, which included a $40 million retention bonus, was an embarrassment, but it was not binding. He will probably get paid some amount of dollars more than $1 this year.
Pandit also landed the neat sum of $165 million when Citigroup bought his hedge fund, Old Lane, in 2007, setting him on the path to taking over the whole company. Even before that he'd been doing just fine as head of Morgan Stanley's institutional securities business.
But the tough housing market even hurts the too-big-to-fail set. Pandit is hardly turning a profit with the $4.3 million listing price. He paid $4.1 million for the house in 2001, Bloomberg reports, citing tax records. Bloomberg reports that there is about a two years' supply of houses in Pandit's price range on the market. Though Wall Street bonus season has traders with wads of cash looking for houses, they're typically looking in a slightly lower price range, according to Bloomberg.
If need be, Pandit can always cry himself to sleep at night at the $17.9 million Upper West Side apartment he bought from Tony Randall in 2007, a "truly superb residence" in its own right, according to the real-estate listing, next to the rolling grounds of Central Park.
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