This is Why Peloton’s Founder Could Take a $55M Loss on His Hamptons Mansion Months After Buying It

It was only weeks ago that exercise equipment maker Peloton’s founder John Foley stepped down from his position as CEO.

Foley has also listed his $55 million East Hampton home, just months after shelling out for it, according to the New York Post’s Jennifer Gould.

Gould reported the sale would be a loss for Foley and his wife just months after they closed on the mansion. No figure had been given.

The Peloton founder’s four-acre oceanfront home was one of the biggest sales of the year in Long Island, N.Y.’s east end. Foley and his wife offered $2.5 million over the initial asking price in December.

Foley, 51, officially stepped down as CEO of the company in February and moved into a new role as executive chairman, passing on the CEO title to former Spotify and Netflix CFO Barry McCarthy.

Peloton had experienced months of bad press including the recall of treadmills, and layoffs. The company also had a failed celebrity partnership with Chris Noth, the Sex and the City actor who was accused of sexual assault by multiple women.

In its most recent quarter, the company reported a $439 million loss and abandoned plans to build its own manufacturing plant in Ohio.

Regulatory filings this week showed that Foley had sold almost 2 million shares in Peloton, worth roughly $50 million, to billionaire Michael Dell’s firm, MSD Partners, according to a regulatory filing.

“This decision to exercise some stock options and sell those underlying shares in a private sale to MSD Partners was John’s decision, based on his own financial planning,” Peloton said in a statement.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.