Set on more than six acres of oceanfront land, with palatial rooms, huge marble bathrooms, a tennis court and a swimming pool, this Hamptons mansion is a holiday home fit for any king.
But not for a hedge fund manager, apparently.
New York billionaire David Tepper, who took home more than $4billion in 2009, wanted something a bit bigger.
Mansion: Hedge fund boss David Tepper's $43.5million home in the Hamptons, which he will knock down and replace with one double the size
So he bought the 6,165sq-ft property for $43.5m last year in order to knock it down and rebuild in its place a mansion twice the size.
The home was bought from Joanne Dougherty, the former wife of Jon Corzine, once a Senator, Governor and Mayor of New Jersey.
Billionaire: Tepper, with his wife Marlene. The pair are knocking down their newly-bought Hamptons mansion to build one that is double the size
Meanwhile, a grand East Side townhouse in New York has sold for $47million - as the US housing index announced that house prices have fallen for the eighth month in a row in February and are nearing lows reached in 2009 during the recession.
Tepper bought the Hamptons property, which rents for $900,000 each summer season, last year but authorities have now approved its demolition and the construction of a new 11,268sq-ft property.
Architect Jaquelin Robertson told officials the new home will be a cedar-shingled two-story Georgian Colonial-style home.
It will come with a sunken tennis court, a three car garage and second floor decks featuring a jacuzzi and covered porch.
The new property will also offer views of the ocean from the first floor that were previously blocked by sand dunes.
Tepper, 53, who has three children with his wife, Marlene and lives in Livingston, New Jersey, became the highest earning hedge fund manager in 2009, earning $7billion for his company and more than half of that for himself.
It is thought he made the money by correctly predicting that the US government would not allow major banks to fold that year, compounding his profits as the banks' share prices then recovered.
He worked for eight years at Goldman Sachs as a trader but left to start up his own hedge fund, Appaloosa Management, in 1992 after repeatedly being passed over for partnership.
Palatial: A gorgeous living room in the multi-million dollar property Tepper plans to knock to the ground
Fit for a king: One of the bathrooms at the Hamptons holiday home
Tepper is said to coach his children’s baseball, softball and soccer teams, which could be one explanation for his need for so many acres of land in the Hamptons.
In 2009, he was ranked as the 258th richest man in the world by Forbes.
Manhattan's most expensive residential home sold for $53 million in 2006.
The East 75th street townhouse was bought by private-equity executive J. Christopher Flowers.
In December, developer William Lie Zeckendorf sold an apartment at 15 Central Park West for $40 million.
The sale meant the home cost almost $10,000 per square foot - an all-time record.
Earlier this year, a Russian couple bought a $48 million apartment at the Plaza, one of the priciest condos ever sold.
News of the exorbitant sale comes, ironically, on the day the housing index released figures showing that US house prices have fallen for the eighth month in a row.
Demolished: Tepper will knock down the house, which includes this exquisite bedroom
Exclusive: A bird's eye view of the huge property, complete with tennis court and swimming pool
The Case Shiller housing index, which is compiled by rating agency Standard & Poor's, was down 3.3 per cent compared to this time last year.
Of the 20 cities tracked by the index, 19 declared falling prices over the past 12 months.
The index is now just 0.4 per cent above the low it reached in May 2009 after the US housing bubble burst.
'There is very little, if any, good news about housing,' said David Blitzer, S&P's index committee head. 'Prices continue to weaken, trends in sales and construction are disappointing.'
MEANWHILE, THIS MANHATTAN TOWNHOUSE HAS GONE FOR $47MILLION...
A home has sold on Manhattan's East Side for more than $47million - one of New York's highest residential sales ever, it was reported today.
The 33-foot-wide townhouse on East 69th Street, which is five storeys high, was sold by author Sloan Lindemann Barnett and her husband Roger Barnett, a web entrepreneur who offloaded his company, Beauty.com, for $42 million in 2000.
A sales contract has been signed, according to the Wall Street Journal, but the buyer's identity is yet to be established.
In a shrewd move, the Barnetts found a buyer on their own, so will not have to give away a broker's fee.
The couple bought the townhouse in 2000 for about $11million but the property soared in value after they enlisted interior designer Peter Marino to oversee renovations to the neo-Georgian home.
Marino's celebrity clients have included Andy Warhol, Giorgio Armani and Calvin Klein.
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