Russell Simmons, the hip hop mogul, has sold his East Hampton estate for its full $6.995 million asking price, according to the New York Post.
Simmons' two-story, 4,800-square-foot mansion at 20 Jericho Close Lane was built in 2000, and sits on 3.7 acres of land. The house has seven bedrooms, 5.5 bathrooms and two fireplaces, and has played host to numerous philanthropic events including Simmons' annual Art for Life soiree.
Susan Breitenbach of the Corcoran Group has the listing, but declined to comment to the Post on the sale.
In September 2012, Simmons put his five-bedroom, 4.5 bathroom penthouse at 114 Liberty Street on the market for $11 million, as The Real Deal previously reported.
Simmons has recently come under fire from his Run Athletics business partner Rasheed Young, who claims Simmons secretly moved company profits into a separate bank account.
The legal letter claimed that Young was owed millions due to the company's profits, according to TMZ.
Simmons has since been reached for comment by the website and denied any allegations of financial impropriety.
Simmons however says that Young is a former employee and added that he's gone to bat numerous times on behalf of the ex-exec. "[Young]'s a nice enough guy, he worked for me. I fought to keep his job a numbers of time, he didn't have a job and I went back to our partners and kept him working," Simmons t
