Steinhardt Pledges Picassos for Real Estate as Art Loans Surge
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Michael Steinhardt, the former hedge-fund manager who has spent at least $200 million on fine art, is using part of the collection to secure low-cost funding for his latest real estate venture.
Steinhardt and his wife, Judy, pledged 20 paintings and drawings, including five by Pablo Picasso and one by Jackson Pollock, as collateral for a loan from JPMorgan Chase Bank NA, according to New York state records. David Steinhardt, Michael’s son, said in an interview that the loan from JPMorgan’s private bank is related to an investment in the former American Stock Exchange building, which Steinhardt bought earlier this year.