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Hedge-Funder Sets Record with $50M Sagaponack Purchase

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If you haven't heard by now, hedge-funder David Tepper is well on his way to securing the most expensive Hamptons purchase of 2010. While the exact closing price remains a mystery, brokers' whispers indicate that he could've paid up to $50 million for the Gibson Lane showplace—a mere drop in the bucket for someone who earned up to $4 billion last year. However, if you're nervous that Mr. Tepper overpaid—fear not—as he likely avoided a nasty commission fee by closing the deal himself. But what else to know about the deal?

Well, first, the property spans an unheard of 6.5 oceanfront acres; second, the house can claim up to $900K in rental fees for the summer; and third, like the previous owner, who was once the Governor and Senator of New Jersey, Tepper also hails from the Garden State. Not quite your cookie-cutter Shore House, but still fist-pump worthy.
· Hamptons Sale Is Year's Hottest [WSJ]
· It's The $50 Million Dollar Deal In Sagaponack Real Estate Brokers Hate [Dan's Daily]
· Listing: Gibson Lane Rental, Sagaponack [Corcoran]