Barstool Sports Founder Dave Portnoy's Shocking Admission: His Former Partner Has Full Access To His $150M Cash Assets and $65M Property Portfolio

Barstool Sports founder Dave Portnoy just gave his asset manager a heart attack. He recently admitted that his long-term estranged wife – they have not yet officially divorced – has full access to his $150 million liquid cash, not including his $65 million property portfolio. If she wanted, said Portnoy, she could clean him out in a heartbeat.

Barstool, founded in 2003 as a sports blog, has morphed into an international sports, lifestyle and entertainment media brand. In February 2023, it was valued at $606 million. Portnoy sold the company for $551 million in 2023 but bought the company back the same year in an odd financial twist.

Don't Miss:

• During market downturns, investors are learning that unlike equities, these high-yield real estate notes that pay 7.5% – 9% are protected by resilient assets, buffering against losses.
• Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — you can become an investor for $0.80 per share today.

“Penn Entertainment and Barstool Sports have gone our separate ways,” Portnoy said in a video posted to X, formerly Twitter. “So that is right, for the first time in a decade, I own 100% of Barstool Sports.” 

Portnoy’s Non-Complaint

Even more bizarre, however, is the lax financial arrangement Portnoy, 47, has with former wife Renee, with whom he has been separated for the last seven years. The multimillionaire told former ESPN personality Sage Steele on her podcast that his ex has full access to all his assets. The two, who are, according to Portnoy, amicably separated, attempted to divorce, but a Massachusetts judge denied the petition due to their fluid financial and business arrangement. 

“We’re technically married right now…We tried to get a divorce in Massachusetts,” he said. 

He added: “We met when Barstool was nothing, so she rode the grind up with us,” Portnoy said of his ex-wife. “She was with me every step of the way. So, in my mind, she’s entitled to enjoy the fruits of it.”

See Also: This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, with minimum investments as low as $100 for properties like the Byer House from Stranger Things.

Shockingly, he continued: “She currently has access to all my money. If she just wanted to be like, ‘I’m taking it’ and be gone, she could. But we’ve had that joint bank account forever. I trust her implicitly. She has full access for a long time.”

To Portnoy’s ex's credit, she doesn’t seem to be in a rush to clean her ex-husband out. According to Portnoy, she told the Massachusetts divorce judge that she didn’t want half his money. The two plan to consciously uncouple their marriage in Florida.

Portnoy Buys Back Barstool for $1

Portnoy was able to buy back Barstool from Penn Entertainment for the princely sum of $1 because of a complex financial arrangement in which the gambling operator (Penn) signed a new 10-year deal with ESPN to rebrand Penn’s existing Barstool Sportsbook as ESPN Bet. According to the official announcement, Penn has agreed to pay ESPN $1.5 billion as part of the deal and $500 million in warrants tied to media, marketing and other services from ESPN.

Trending: Commercial real estate has historically outperformed the stock market, and this platform allows individuals to invest in commercial real estate with as little as $5,000 offering a 12% target yield with a bonus 1% return boost today!

Penn’s deal with Barstool courted controversy and The New York Times reported on Portnoy’s profligate gambling habit, which caused him to file for bankruptcy two decades ago. Given his past financial misdeeds, Portnoy’s current arrangement with his ex has understandably raised eyebrows. 

A High-End Luxury Real Estate Portfolio

Despite his laissez-faire attitude toward asset protection, Portnoy has made some savvy real estate purchases over the years. The sports media entrepreneur owns $65 million worth of real estate in Massachusetts, Florida and New York, which presumably would have to be sold and divided or given on equal terms to his soon-to-be ex-wife in a divorce.

His holdings include:

A Miami Waterfront mansion: The Real Deal reported that Portnoy spent $13,980,000 in 2021 for a two-story, nine-bedroom, nine-bathroom, 6,000-square-foot contemporary home built in 1939 and completely restored and renovated recently. It also came with a one-bedroom, one-bath guesthouse.

Trending: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." These high-yield real estate notes that pay 7.5% – 9% make earning passive income easier than ever.

Nantucket Dream Home: Portnoy spent $42 million in 2023 for two adjacent Nantucket homes – built in 2018 – setting a record for the state, according to multiple reports. The purchase comprised a 5,200-square-foot main residence and a two-bedroom guesthouse on a popular vacation island. An underground tunnel connects the guesthouse with a separate studio.

Portnoy, a Massachusetts native who grew up in the North Shore town of Swampscott, said of the purchase on X: “Nantucket has always been my favorite place on Earth. The best day of my year was heading to the island for vacation. The worst day was taking the ferry back home.”

Hamptons Hideaway: In 2021, Portnoy spent $9.75 million on a five-bedroom Hamptons beach house on Old Montauk Highway. The 5,700-square-foot vacation getaway sits in a wooded enclave and enjoys ocean views.

Read Next:

• These five entrepreneurs are worth $223 billion – they all believe in one platform that offers a 7-9% target yield with monthly dividends
• Unlock the hidden potential of commercial real estate — This platform allows individuals to invest in commercial real estate offering a 12% target yield with a bonus 1% return boost today!