Now You See It, Now You Don't: The $43.5 Million Teardown



Say you buy a $43.5 million, 6,000-square-foot oceanfront estate on 6.5 sandy acres in Sagaponack, Long Island (the country's most expensive zip code, according to BusinessWeek). What's the first thing you do? Well, if you're hedge fund billionaire David Tepper, you tear the thing down -- along with the guesthouse, swimming pool and tennis court -- to build an even bigger manse.

According to Southampton Patch, Tepper bought the home last year from ex-wife of former New Jersey governor Jon Corzine, in the area's most expensive transaction of 2010. In April, he got a permit for the demolition, and yesterday, the site was finally cleared.

The new house will be about twice the size, with ocean views from every room, "a sunken tennis court, three-car garage, a widow's walk, second-floor decks including one with a Jacuzzi, and a covered porch," reports Hamptons Curbed, quoting the minutes from a recent town board meeting at which the construction was reviewed.



Check out Patch to see more photos of the amazing disappearing estate.

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Paul

That is a waste of earth's resources. I hope the new place gets possessed by demons. LOL

June 24 2011 at 7:02 PM Report abuse rate up rate down Reply
mikefjohnson

Like I've always said, there is no end to the Repugnicants, their obscene ego and "**** you world, I've got mine" additude. Why should the rich be taxed more...look at this obnoxious use of selfish wealth. What could that money have done for American education?

June 09 2011 at 6:28 PM Report abuse -1 rate up rate down Reply
1 reply to mikefjohnson's comment
Brian

depends...if it had been donated to public education, by the time the board members and administration costs had been skimmed, I doubt you'd have seen a noticeable difference in education. Or, more likely, the state would have cut the same amount donated from the state budget, effectively meaning NO change...kinda like they do with lottery funds now... get 35% from lottery, cut 35% from the state's obligation. It's nice to come down on the man for his excesses, but just by dint of having money, doesn't make him a bad man. If you won mega millions in the lottery, and had a house built, you'd have your own share of money-grubbers saying you should give it to them instead.

June 10 2011 at 7:32 PM Report abuse rate up rate down Reply
Mack

So. The new house will be about 12,000 sq feet. I wonder if he will paint lines on the floor so he can get around without getting lost? Now I know why the rich need more tax breakes. We should be ashamed of ourselves for not wanting to give up Medicare.

June 06 2011 at 5:27 PM Report abuse -1 rate up rate down Reply
bfgair

All I can say is" Hope he can explain his folly to the Lord when the judgement day comes". How do you spell Tsunami?

June 06 2011 at 4:35 PM Report abuse -1 rate up rate down Reply
snsenica

What kind of schools did half these bloggers go to? So many blogs are demanding forced redistribution. It 's been tried already. They call it communism. It takes motivation away from everyone The main avenue of prosperity is through joining the Party. The Party OWNS everything.
Maybe this guy is a wonderful man. Perhaps he has fun designing houses. All the money he spends goes to other people's pockets.
Half the celebs in Hollywood are millionaires. Demand that they give it away.

June 06 2011 at 3:59 PM Report abuse rate up rate down Reply
kandcj

Check out the vacant lot (now being developed) on Gilmartin Drive in Tiburon CA where once there rested a fantasic home.

June 06 2011 at 3:49 PM Report abuse rate up rate down Reply
agendabrat

Folks with this much ACCORDING TO THEIR EXCESSIVE INCOME should HAVE TO DONATE/BUILD A CERTAIN AMOUNT OF HOMES FOR THE HOMELESS AND THAN SOME.......

June 06 2011 at 3:01 PM Report abuse -1 rate up rate down Reply
1 reply to agendabrat's comment
Brian

bullsh!t! And, at what income level do you suggest we start penalizing someone for making money? $1Mil, $2Mil, $5Mil? how about $100K, you'll get more for those too lazy to make their own fortune. If I bust my a$$ and make a few million, why should I be forced to subsidize someone else's failures? Get a grip, what you're advocating is outright communism. Take from the rich and give to the poor. Well, it doesn't work! What do you do when there's no longer any rich left? Nobody will want to go into business knowing it'll all be taken from them anyways. That's the problem with liberalism: eventually, you run out of everyone else's money, but somehow, those in charge always seem to end up with their fortune.

June 10 2011 at 7:42 PM Report abuse rate up rate down Reply
agendabrat

sickening

June 06 2011 at 2:49 PM Report abuse -1 rate up rate down Reply
pretty scary

to "eld405" ~ let's just hope he DOES hire local people who are LEGALLY in this country! and not import artisans from Europe as many of them do. Yes- it would be great in a perfect Hamptons Highest Zip Code World if this project supported the local economy but I highly doubt it... he, like most filthy neuvo rich elitists out here will probably outsource the best of these projects to others who don't live here so they can brag about where they got "so and so" from.

June 06 2011 at 1:01 PM Report abuse rate up rate down Reply
Justice for ALL

The SEC brought down Billionaire Hedge Fund Manager Raj Rajaratnam , so who is next ?

June 06 2011 at 12:57 PM Report abuse -1 rate up rate down Reply

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