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Thursday, May 25th, 2017

Banker buys ex-boss’s house only to raze it and build huge mansion in act of ‘revenge’

imageWASHINGTON — An American hedge fund billionaire bought the home of a former boss who passed him over for promotion — then tore it down and built a mansion twice as big on the exact spot.

David Tepper paid the ex-wife of Jon Corzine, the former CEO of Goldman Sachs, US$43.5 million for the summer home in Sagaponack, Long Island, in 2010 and flattened it.

Ordering the building of a new property, he seemed intent on creating something bigger and better. Five years later, the full extent of the 58-year-old hedge fund manager’s “revenge” seems complete. The new 11,268 sq ft mansion is almost exactly twice the size of his one-time boss’s property. The estate includes a giant outdoor swimming pool and pool house, three-car garage and tennis court.

The completion of the beachfront house, in an area of the Hamptons that has long been a playground for the wealthy, may bring closure to a feud that began more than two decades ago.

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After reportedly playing a critical role in protecting Goldman Sachs from a financial crash in the late Eighties, Tepper assumed that he would be made a partner. When he was not chosen, he blamed Corzine, the head of his division, with whom he was said to have had a fractious relationship.

Tepper left to start hedge fund Appaloosa in 1993 and became a billionaire in 10 years. He is one of the highest-paid fund managers in the U.S., earning $3.5 billion in 2013, according to Forbes magazine.

But Tepper, who is described by colleagues as having a loud, sometimes brash demeanour, appeared not to have forgotten Corzine’s alleged slight. After buying the home from his 68-year-old former boss’s ex-wife in 2010, he told New York Magazine: “You could say there was a little justice in the world.”

The Daily Telegraph
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