Billionaire Tepper bought the property in Sagaponack, New York in 2010 and work has just been completed.
Tepper used to work at Goldman Sachs before setting up hedge fund Appaloosa, which now manages approximately $20 billion in assets. During his time at Goldman, Tepper worked with Jon Corzine, and later bought the property in the Hamptons from Corzine’s ex-wife, writes Julia La Roche for Business Insider.
At this year's SALT New York conference, Jean Hynes, the CEO of Wellington Management, took to the stage to discuss the role of active management in today's investment environment. Hynes succeeded Brendan Swords as the CEO of Wellington at the end of June after nearly 30 years at the firm. Wellington is one of the Read More
Hedge fund billionaire can now enjoy his revenge mansion
The oceanfront mansion cost Tepper $43.5 million, but it apparently wasn’t to his taste. He saw fit to tear down Corzine’s former summer home in order to construct an entirely new mansion in its place.
Tepper’s new mansion is twice the size of Corzine’s old house, and the two have history. Corzine, the former CEO of Goldman, decided against promoting Tepper to partner, and it seems the latter never forgot that fact.
“You could say there was a little justice in the world,” Tepper told New York Magazine in 2010, addressing renovation plans for his newly bought property. Five years on, the mansion is complete and Tepper can stare out to sea content in the knowledge that he has outdone the man who spurned him.
Extravagant Hamptons property rises from the dust of rival’s house
The property is certainly impressive, and aerial photographer Jeff Cully took a helicopter ride to take some snaps from the air. The property was rebuilt by Cooper Robertson Architects in a Georgian Colonial style.
Among the distinctive features of the property are huge windows which run the length of the dining room on the second floor, designed to allow Tepper to watch the sunset. The swimming pool is massive, and comes with an ample pool house, while there is also a tennis court and a huge second-floor deck with jacuzzi.
Despite Tepper’s obvious displeasure at being passed over for promotion at Goldman, it looks as though it may have been for the best. Appaloosa has made him a multi-billionaire, affording Tepper the opportunity to prove a point to his former boss in a very extravagant way.
As the saying goes, revenge is a dish best served cold, and Tepper certainly took his time sending a message to Corzine.