Paulson Opposes Neighboring Home One-Third The Size Of His

Apr 16 2014 | 9:45am ET

Hedge fund billionaire John Paulson owns a 15,000-square-foot home in tony Southampton, N.Y. But he thinks that a proposed home roughly one-third the size endangers the village's, well, tony-ness.

The Paulson & Co. founder is among 85 Hamptons denizens objecting to a planned 5,531-square-foot residence on Southampton's Hill Street, where most of the homes are of a much smaller scale than Paulson's own. He said that the home, to be built by controversial Hamptons developer Joe Farrell, is a "threat to our character" and imperils that "peace and tranquility that makes our village what it is."

Paulson, who owns a nearly 30,000-square-foot home in New York City, is somewhat more mild that other opponents of the Farrell home. Harrison LeFrak, who heads a major real-estate developer himself, said that the proposed house is a "monstrosity" and that developers like Farrell, known in the Hamptons as the "King of McMansions," "must be stopped from turning our historic village into a cheap, tacky Long Island suburb."

"It must not become a film set for 'The Real Housewives,'" LeFrak wrote.

The house would be built on a 1.2 acre parcel, about one-eighth the size of Paulson's estate, Old Trees. Farrell would seek nearly $6.95 for the six-bedroom, six-bathroom home.

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