In a questionable use of funds, a hedge fund billionaire bought his boss’s summer mansion for over $40 million – only to tear it down to make way for a new one.
David Tepper bought the ocean-facing property in Sagaponack, New York, in 2010, for $43.5million, making it the priciest home in the Hamptons at the time. He purchased it off John Corzine’s ex-wife; Corzine was Tepper’s boss at the time.
The following summer, he dumpstered the 6,165 square foot home to make way for his bigger, better mansion.
It’s been five years, and Tepper’s renovation is finally finished, with his new estate boasting additions like a large pool and tennis court, complete with spectacular ocean views.
Tepper left Goldman Sachs to set up his hedge fund Appaloosa when Corzine, who was CEO at the time, decided not to promote Tepper to partner. Appaloosa now has $20 billion worth of assets.
And after Tepper bought his ex-boss’s home?
“You could say there was a little justice in the world,” he said.