Tepper's Hampton House Rises

Jun 5 2012 | 9:59am ET

David Tepper's massive new Hamptons home probably won't be ready for occupancy this summer season, but it's much more than the big hole in the ground it was six months ago.

Indeed, the 15,000-square-foot home in Sagaponack, N.Y., has taken shape. The frame is up, and the oceanfront home will soon be shingled and trimmed to resemble a much, much larger, beach house version of Thomas Jefferson's Monticello.

The Appaloosa Management chief is building the home on a 6.45 acre site formerly occupied by former New Jersey Gov. Jon Corzine's beachhouse. Tepper bought that home from Corzine's ex-wife for $43.5 million, demolishing it last year.

Tepper—who admitted taking some pleasure in knocking down a house formerly owned by Corzine, who passed over Tepper for partnership when he was CEO of Goldman Sachs—had complained that the old house offered insufficient beach views.

Tepper's new home, when it is completed, will be twice the size of the original dwelling, with a sunken tennis court, underground three-car garage, a covered porch—and better views of the Atlantic.

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