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.

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