Photo: Courtesy of Sotheby’s
Hedge fund king David Tepper bought an oceanfront mansion in Sagaponack for $43.5 million last year.The price made it the most expensive home in the Hamptons.
But as Curbed Hamptons reports, the home is now history: Tepper officially tore the mansion down to make room for a house that’s nearly twice the size (Southampton Patch has the aerial proof), just as the sun has started to shine again in New York.
Here at the BI someone asked why on earth Tepper would destroy his incredible beach home just as summer gets underway.
And there’s a couple of reasons.
Basically, the Teppers were going to have to miss this summer, or the next. Construction and landscaping of houses this huge take at least one year to complete, so one summer in the home had to be forsaken.
But beyond that, winter slows down the process, so this is just the logical time for him to start. Getting started earlier — in the winter — wouldn’t have saved anything.
“If it’s going to take a year to do, and the present house isn’t what you want, the thinking is start now” says
Jonathan Miller, President and CEO of Miller Samuel Real Estate Appraisers.
Clearly Tepper intended to tear it down for something else when he bought it, so for him the sooner he gets the new show on the road, the better.
And let’s face it — Tepper probably has another vacation home to which he can flee as the city becomes too hot, or he can afford to rent some other stupefyingly great Hamptons pad in the meantime. OR, he can bounce over to Europe for the Summer. You get the picture.
Business Insider Emails & Alerts
Site highlights each day to your inbox.