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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zebra365

In simplest terms he made a fortune as a money-changer. He moved a lot of money around and kept a lot of it for himself.

By 2007, money handling was 40% of the American GDP. It would be far less today and we would be on the road to recovery if Hank Paulson, Tim Geithner and Ben Shalom Bernanke had not been charged with saving their fellow money changers at the expense of the rest of us.

58 minutes ago Report abuse Permalink +1 rate up rate down Reply

Joe Padilla

ELD 405--

He jumped in front of the shareholders of WAMU and looted the value of this company for himself. Never mind all the working people who actually held this in their retirement accounts.

In other words you shlep- He stole this money from the middle class.

And you say we should laud him for his success and hard work?

Come on man. I'd like to punch you in the mouth.

4 hours ago Report abuse Permalink -1 rate up rate down Reply

spirit19

I'm wondering if the material from the old house was recycled. I'd love to have the french doors, windows, kitchen cabinets and appliances. I'm sure everything was the best that money could buy.

4 hours ago Report abuse Permalink +2 rate up rate down Reply

Dave Morgan

Built by wage theft from the American middle class.

5 hours ago Report abuse Permalink rate up rate down Reply

eld405

I look at it this way. He’s helping the economy. People were hired to tear the place down. People were hired to design a new home. People were hired to build the new home. He spent money on materials to build the home so suppliers had a sale. The landscapers will have a nice new project. He will likely hire artists to paint murals and supply paintings for the home as the art industry is hardest hit in this down economy. He will buy furniture; fabrics, window treatments, bedding, plumbing and so on.

My opinion, he’s helping the economy and if the town approved this and we know the town guardians are very very particular and would never approve any behemouth or atrocity. I’m sure the new “replacement” will be glorious both in design and scale and tastefully executed.

We need more “Mr. Teppers” out there to help stimulate our economy. Our government is trying but with more private money out on the economic streets the better it will be for us all and the faster there will be a turnaround.

Good health and good wishes to Mr. Tepper for he is doing his fair share. No need to criticize but to laud him for his hard work and his success.

Artists such as myself and my colleagues agree that the likes of Mr. Tepper are what allows us to express ourselves and provide beauty to those who both appreciate and can afford to hire us.

John L

Tony

Good site for an abused spouse shelter or drug/alcohol rehab if Mr. Tepper-a.k.a."knob"-wasn't so busy not giving a crap about anyone but his very important self. Sorry, folks, this just really irks me...(and yes I am poor)

6 hours ago Report abuse Permalink -1 rate up rate down Reply

Nope, nothin wrong with the world when people are homeless and hungry and you have this kind of "showing off" going on. Totally ridiculous-but what do I know, anyway.....