When parties are bad PR for the rich

When parties are bad PR for the rich

The party follows Cohen’s equally defiant purchases over the past year. In November, he bought a Picasso painting for $ 150 million. And this spring, as his legal battles were heating up, he acquired a $ 60 million home in the Hamptons.

(Read more: Hamptons home sales hit record)

Dilenschneider said that Cohen’s party and purchases could also impact his legal case.

“A judge sitting there reading about the Picasso and real estate and party would be asking ‘why is this man doing this when he has such a serious matter in front of him?’ ” Dilenschneider said. “And for any jury, they can’t even think about purchasing a $ 150 million painting. They would say ‘who is this guy?’ “

Of course, Cohen is not the first billionaire to experience party backlash. Sean Parker had to do damage control after his wedding in Big Sur resulted in environmental violations. After the incident, Parker made a $ 2.5 million donation to a conservation group. Parker has said that the violations were not his fault and that he was careful to preserve the forest during the planning and wedding.

(Read more: Most outrageous weddings)

Private equity chief Steve Schwarzman has also learned the downside of conspicuous partying. His 60th birthday party in 2007 attracted widespread media attention. It came amid rising anti-Wall Street sentiment and months before housing prices started to weaken and credit began to tighten leading up to the financial crisis.

The party featured a reconstruction of Schwarzman’s living room at the Park Avenue Armory as well as a private concert by Rod Stewart.

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