While designer Tory Burch awaits approval to raze her $22.5 million Southampton manse, ex-husband Chris Burch has just closed on an equally infamous home of his own nearby. The latter Burch paid $9 million for a First Neck Lane 8 bedroom owned by disgraced financier Ralph Cioffi. Cioffi took a slight loss on the property ('he paid $10.7 million for it in 2007 and had listed it for $11.875 million') while he awaits trial after being accused of fraud by Bear Sterns. Everybody wins! Kinda. [NYP, 4th item]
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