Apr 27, 2011 11:54 AM
The new owners of the oceanfront Sagaponack estate once owned by former New Jersey Governor Jon Corzine and his now ex-wife plan to raze the 6,200-square-foot house they paid $43.5 million for just last year, making way for a neo-Georgian design nearly double its size that affords better views of the sunset, according to the project’s architect.
The Sagaponack Village Architectural and Historic Review Board approved the demolition of the just 11-year-old house and the design of the new 11,200-square-foot structure last week, according to board Chairwoman Ann Sandford.
“It’s a very different kind of house,” Ms. Sandford said of the new design, which will feature a front facade of towering columns and octagonal windows in back for broad ocean views. “But it’s by a famous architect, and it’s beautifully designed. It’s... more
The Sagaponack Village Architectural and Historic Review Board approved the demolition of the just 11-year-old house and the design of the new 11,200-square-foot structure last week, according to board Chairwoman Ann Sandford.
“It’s a very different kind of house,” Ms. Sandford said of the new design, which will feature a front facade of towering columns and octagonal windows in back for broad ocean views. “But it’s by a famous architect, and it’s beautifully designed. It’s... more
It's especially sickening when you think that if this were 6 individual 1-acre ...more lots, that someone would dare build 1,800 square foot homes on them (which is equal to what is being built on this piece).
Ok, maybe I'm being a little over-the-top, BUT in all seriousness if people didn't do ridiculous things like knock down 11 year old mansions to construct newer mansions, many people out here would be out of work. Everyone wants building to stop - wants the richie riches to forgo excess and stop consuming. Problem is that us locals literally LIVE off their excess consumption.
Also, this article is severely skewed (as was the same article in another Long Island daily). They both purport that a $43 million home is being demolished. That's not true at all. The Town assessed the house AND the property at $20 million. Now, we all know that the free market more accurately reflects the real life prices than the Town's assessment - BUT we also know that hamptons home prices are inflated (even with the current economic state). And, that if they take down the house and put the lot on the market they could probably fetch at LEAST $20 million (a 6.5 acre vacant ocean front lot in Sagaponack? That is one-of-a-kind.
So, the Article should state that the property owners are removing a house the Town assessed for $XXX (I know, this would require the Press to actually look @ the assessment and figure out how much the house costs). You take this same structure, and put it in a field in Iowa and I bet it would sell for $5 million - max.
Oh, and btw, before anyone else cries about how sickening this is, please note that David Tepper is a generous donater - giving $55 MILLION to his alma matter Carnegie Mellon University.
The fact that Corzine and Tepper worked together at Goldman Sachs and happened to be involved in this transaction is no coincidence. My guess is that Mr. Tepper overpaid for the property to help out the former Ms. Corzine. If Mr. Tepper simply wanted to buy an oceanfront parcel to build his dream home - he could have spent less.
I'm not saying this isn't ridiculous or excessive - BUT when you look at the facts and realize all of this $$ is going to the local economy it's not "sickening".
Every dime this guy ever "earned" was based on taxpayer bailouts, zero interest Fed loans to his "financial institution", and in the end WE paid for it all, and receive a pittance tossed at the "local economy" for it so a local guy can pull down an average of 30k to 50k a year.
Right...
It is sickening that someone would buy the house for that much money and then turn around and demolish and rebuild? MUST BE NICE!
Yes happy that tax payer money flows to the former CEO of GS:
taxpayer-->TARP-->GS-->Hedge Fundie-->Corzine
You mean to tell me if you had 10 billion + dollars in the bank you wouldn't spend it? Would you guys rather have him NOT demo this house and employee how many local workers? Yea, the whole trickle down economics thing doesn't work on a country-wide scale, but it does work on a local scale.
This guy made his $$$ off making risky investments like dumping a TON of $$$ into B o A which when it recovered resulted in him making a nice profit. Guess what - ANYONE could ...more have done the same. The difference is you wouldn't take the risk to dump all of your money into such a risky investment. It paid off for this guy and he is reaping the benefits.
He didn't ask for the taxpayer bailouts, he didn't sign the legislation, he didn't force anyone to give a zero interest loan. He invested in distressed companies that he believed would recover and he was succesful.
Are you guys anti Louis Bacon too? (owner of Cow's Neck Preserve and Robins' Island among other propreties). He's a major conservationist whose style is the antithesis of Mr. Tepper. BUT he made his $$$ by betting against the US dollar in the first Gulf War. So we should hate him too, right? Especially since he employees DOZENS of locals year round, and probably hundreds more on a seasonal basis.
If you don't like how Mr. Tepper made his money maybe Cuba would be a better place for you guys to settle down - I hear they really "share the wealth"
That's why we just had a massive fiscal meltdown, based on the policies of deregulation.
I'd need my hands and feet to count how many ways the "elite" can spend their money to make money manipulating, and profiting from the "free" market, in ways that YOU can't. Most likely ever. The entity known as "Bank of America" ...more should be ILLEGAL. Only the GLBA allows it to exist.
By the way, where did he get the money he invested in B o A? BoA was propped up with $45 BILLION in taxpayer dollars. And since these guys are so "Honest Abe", why was there a $33 BILLION fine levied on them by the SEC, and why was information regarding their bonuses covered up until after the fact of the merger with Merrill?
I have no issue with someone else being wealthier than I. What I do take issue with is people being crooked, and screwing most everyone else to do it.
If only we had regulations like the Community Reinvestment Act we wouldn't have collapsed the system with millions of subprime mortgages...oh wait, I have that exactly backwards.
Push the clock back a little further, and look into sixteen clandestine letters between Goldman, and the CFTC.
Maybe that will whet your appetite for more...
A great time to Rent, Buy or Tear Down !!!
Because "trickle down" economics works? Come on man, we've had easily a seven fold increase in disparity during the last thirty years. We've seen 1% of the population, increase it's share of the wealth, so that they now own 40% of the country.
Checks and balances laid down after the Great Depression were repealed, and the economy blew up in less than a decade after the legislation passed.
Take a serious, good hard look at what ...more the twenty-somethings face today, compared to you at their age. Most likely everything for them costs DOUBLE, and they in acutality make LESS than you did at their age.
So let them tear down re build, so what it is their money. I just wish the summer residents were a bit more polite like they used to be. And we didn't complain either. Just ...more took their money all the way to our bank.
What about ...more the unseen coal burning somewhere out of sight to provide the power for all that lighting in largely unused rooms? Shall people continue to add to their power tap without being regarded as morally questionable? Most of these homes sit empty a great deal of the year. It has been my experience that they a heated and air-conditioned consistently the year round with a vague notion of preserving furniture and art.(read: because they have the money to burn and no overarching regard for the environment)
This project will employ so many people it is staggering. Not just locally, but across the nation. furniture, carpeting, cabinetry, trees and shrubs. it really goes on and on. These types of homes are not built with cheap imports from the home ...more depot
A cap on home prices? Or perhaps some confiscation from the "undeserving" and redistribution to the "deserving" would be in order...
Between sales taxes on materials and services, transfer & land preservation taxes on the original purchase, and permitting fees, this guy has easily pumped $5,000,000 in tax revenue into the system. Heck, that's almost enough to cover the book value of a pension for a single Long Island elementary school teacher. Well, almost.
What all of you fail to do, is wrap your mind around the entire picture of what has gone down. The prices of housing, and commodities were driven to insane levels by manipulation of the markets. Nothing would cost this much, without "trickle down" ecomomics.
They didn't "remove the noose" from ...more the economy, they took the bit, and bridle off the horses pulling the stagecoach.
We wouldn't need "a cap on home prices", if our economy was not re-engineered to serve less than ten percent of the population. Our entire economy is based on FRAUD, and if you don't believe me, just watch what a dollar is worth in the near future.
inflation is inevitable. Thats why I bought gold!
Did you actually buy gold, or a piece of paper that just says you did? Sort of like buying shares, and finding out the number of proxies submitted exceed the actual amount of market shares?
Most likely the former, but I have to ask...
If you sold off an ounce last week,got the top price $1535 (minus 10% dealers charge).Nice profit of almost $1100 since if you bought it at $260/oz. Silver is a little easier to afford,but it's dropped (along with gold) in the last few days because of the removal of the threat of Bin Laden.
Metals ETF's aren't backed by actual metal-they can be printed ...more like greenbacks without verification of the metals backing them. Best to deal in actual metal that you can take possesion of and not the rumor of ownership that is offered by paper 'mystery metals'
I cashed out about $2000 since the beginning of the year-in gold and silver,after buying in back in 98-2007.I won't start losing money unless gold drops below $500/oz.;in the meantime,I'm always looking for suckers who are buying..How much do you want?
I'm sure they'd LOVE to hear how if they just apply themselves, they can own a home here on minimum wage, working for two, or three companies.
Just because you think it works in this little test tube, doesn't make it feasible on a large scale. I'm really doubting you grasp the academic, and mathematical fineries of just what "trickle down" economics is.
I'll clue you in here, and stop me if I don't hit the nail on ...more the head. Back in 1986, $18/hr was a pretty good salary for a professional out here, say, maybe a carpenter, or a driver. That meant you could reasonably come away with 45k a year, and purchase a home for, let's say 160k if you applied yourself.
Fast forward to 2011, and $18 is still a pretty high salary. Only thing is, that $160k house, now costs 329k due to inflation, and most of us are making less than 48k a year.
So, through just this one major example of wage earning, and buying power, you can see that the only thing that has ever trickled down, is an increased cost of living. Wealth has accumulated at the top, middle class wages stagnated, disparity has increased fivefold, and inflation increased 103%, which means the cost of things has just slightly MORE THAN DOUBLED.
IT DOESN'T WORK. IT HASN'T WORKED. GET USED TO IT.
It also would have sold 100 big ticket items like refrigerators, dishwashers, washer/dryers, ovens, bathroom fixtures like tubs, sinks, showers, etc, which injects money into the overall economy.
Plus, if only half of those homes decided to use sprinkler systems, that means 50 installation jobs (and yearly maintenance) for local sprinkler installers instead of ...more one job.
Same with swimming pools. One $43M home = 1 swimming pool with only one swimming pool company getting the job. If only 1/5 of those one hundred $430,000 homes got swimming pools, that would be 20 swimming pools for local companies to install and maintain.
A healthy middle class is far better for the local and national economy than a small elite class buying very expensive seasonal homes.
Your 100 $430,000 homes will be putting hundreds of kids into the local school district, increasing everyone's property taxes.
Sounds like something that would be a shot in the arm to the local economy.