Tepper To Demolish $43.5M Hamptons Home

Apr 27 2011 | 12:55pm ET

Appaloosa Management founder David Tepper isn't thrilled with the Hamptons mansion he paid $43.5 million for last year. So he's tearing it down.

Tepper won approval from the Sagaponack village board last month to knock down the 6,156-square-foot home. In its place—or near its place; Tepper apparently wasn't happy with the existing house's placement on the 6.5 acre beach-front lot—will rise an 11,268-square foot "cedar-shingled two-story Georgian Colonial-style house." According to the board minutes, it will feature a sunken tennis court, three-car garage, a widow's walk, second-floor decks, a Jacuzzi and a covered porch.

The new house will be 21 feet farther back from the beach, but it will have better views, Tepper's nominal reason for wanting the new digs, which will, according to its architect, resemble a much, much large version of Thomas Jefferson's Monticello. It will have large, octagonal windows running the length of the second-floor dining room "in order to accommodate his client's request to be able to see the sunset."

There's also the matter of revenge: The house was formerly owned by the ex-wife of former New Jersey governor and Goldman Sachs CEO Jon Corzine, who passed Tepper over for a Goldman partnership.

"You could say there was a little justice in the world," he told New York magazine last year.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this race. The Citadel...

Guest Contributor

Top 5 Predicted Outcomes Of CalPERS' Hedge Fund Divestment

Sep 22 2014 | 8:35am ET

CalPERS’ announcement to divest of hedge funds has created a significant buzz...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.