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Ira Rennert has to pay $213.2M for looting company funds that paid for his Sagaponack estate

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The 63-acre estate is worth $248M

Photo credit: Jeff Cully, EFAAS

Ira Rennert was ordered by the court to pay $213.2 million for a case against him by Lee Buchwald of Magnesium Corporation of America (MagCorp), reports 27east. There are accusations that Rennert used funds to pay for the construction of his massive Sagaponack estate.

Back in 2015, Rennert was accused of taking money from MagCorp in the late 1990s. He appealed the ruling, but on Wednesday, March 8, the appeals court ordered Rennert to pay $213.2 million to MagCorp trustee and plaintiff, Lee Buchwald.

The Sagaponack estate, also known as “Fair Field,” is currently valued at a whopping $248 million and is one of the largest private homes in the United States. The structures on the property together comprise over 110,000-square-feet. The main house is almost 73,000-square-feet, and the playhouse (which has two bowling alleys and a squash court, among many features) is 10,000-square-feet.

The home is reported to have 29 bedrooms and 39 bathrooms, but some data claims the mansion has 21 bedrooms and 18 bathrooms. This disparity might be due to the fact that there are multiple buildings on the property, so some data may only be in reference to the main house.

Some of the excessive luxuries that the house affords includes a 164-seat theatre, a 100-car garage, a hot tub that cost $150,000, and 12 chimneys.