A fashion mogul is selling his $58 million Hamptons home where a hedge funder once paid $1 million to live for the summer

Screen Shot 2017 10 04 at 9.43.10 AMSotheby’s International RealtyA hedge fund manager paid $US800,000 to live here for two months.

Fashion designer Elie Tahari’s Hamptons home has just gone on the market for $A58 million.

Tahari originally purchased the home for $A15.54 million in 2005. The designer said in a statement to the Wall Street Journal that he’s selling it because his focus is currently on his business.

“I haven’t been there for the last two summers,” he said in the statement.

During one of those two summers, the Sagaponack home was rented to a hedge fund manager for nearly $A1 million for the months of July and August, the property’s listing agents, Keith Green and Ann Ciardullo from Sotheby’s International Realty, told the Wall Street Journal.

Take a look at the private beachfront, pool, and three-bedroom home, below.

The home is 4,500 square feet ...

... and sits on two and a half acres pf property.

There are three bedrooms ...

... and three bathrooms.

According to Green, however, there are partially approved plans to extend the home to 10,000 square feet, which could include a spa and an expansion to eight bedrooms.

Architecture firm Stelle Lomont Rouhani Architects -- who also worked on Calvin Klein's oceanfront estate -- designed the expansion.

Two large glass doors can be rolled up to open up the living room to the outside.

There's a 60-foot lap pool in the back.

On the other side of the home is a private entrance to the beach. It's on Sagaponack's only private oceanfront.

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