Hedge Fund Manager Paulson Objecting To Neighbor’s House

Hedge fund billionaire John Paulson is objecting to a smaller house being built in his Southampton neighborhood.

Hedge Fund Manager Paulson Objecting To Neighbor's House

New house would imperil that “peace and tranquility”

According to a report in FINalternatives, Paulson, who owns a 15,000 square foot house on Hill Street, is protesting with 85 neighbors, many of whom are more vocal than Paulson.  He was quoted as saying the new home is a “threat to our character” and imperils that “peace and tranquility that makes our village what it is.”

Animated responses

Other residents of the tony beach community were more animated.

The new house “must be stopped from turning our historic village into a cheap, tacky Long Island suburb,” Harrison LeFrak, a neighbor who is also a developer, was quoted as saying.

No to “Real Housewives” house

“It must not become a film set for ‘The Real Housewives.'”

At issue appears to be the nature of the developer, Joe Farrell, who is known as the “King of the McMansions,” a term popularized in high end communities typically associated with an ostentatious design that leaves little spare acreage on the lot, most of which is used for the construction of the house.  The proposed 5,531-square-foot house in question will be built on a 1.2 acre lot, while Paulson’s mansion, “old trees,” is built on nearly ten acres.

The proposed asking price for the six-bedroom, six bathroom home will be $6.95 million.