Revenge! Banker bulldozes £31m mansion of his hated boss... and builds a bigger one
AFTER a gruelling day at the office you might dream about some day getting even with your boss.
But one banker and his bulldozer took the fantasy quite a few steps further – waiting 20 years to take revenge by knocking down his enemy’s old home.
The feud began when David Tepper was passed over for a promotion at Goldman Sachs by his manager Jon Corzine back in the 1990s. an outraged mr Tepper left the bank to found the hedge fund appaloosa, which made him a fortune of £8billion in just ten years.
mr Corzine also left and went on to become the 54th governor of new Jersey. But in 2010 he left his political post and was appointed chief executive of bond trader MF Global, a spinoff of British firm man Financial. The company soon filed for bankruptcy, becoming the eighth-largest firm in US history to do so, and recorded staggering losses of £30billion.
meanwhile mr Tepper, 58, admitted in an interview that he had still not forgiven mr Corzine for not making him a partner at Goldman Sachs. and when he found out that his former boss had lost his 6,165 square foot Long island mansion in a split from his wife Joanne Brown, he spotted his opportunity for revenge.
miss Brown had been renting out the
‘There is a little justice in this world’
palatial home in Sagaponack for £600,000 a summer, but in 2010 she was persuaded to sell it to mr Tepper for £31million.
He called in the bulldozers to demolish the home, and spent the next five years rebuilding a new and improved version on the 6.5 acre grounds.
now his mansion is finally complete – and to add insult to injury, it is nearly double the size of the old property, spreading out over a princely 11,268 square feet.
The grounds boast an enormous swimming pool, a clay tennis court, a three-car garage and a balcony with stunning views of the ocean, all in one of the world’s most exclusive prime property locations.
mr Tepper, who made £1.5 billion from the credit crunch by buying shares in major american banks, said he had designed the Georgian Colonial- style house so he could see views of the sunset from every room. But the outlook is not quite so rosy for his former boss.
after protracted proceedings by a bankruptcy trustee, his former employer MF Global agreed to pay some £800million in restitutions to investors and a £60million fine for failing to supervise employees.
and mr Corzine, 68, is still being investigated by regulator the Com- modity Futures Trading Commission, which has filed civil charges against him and is still collecting evidence for a possible trial.
asked about rebuilding the home of his former boss, after the pair’s dramatic change of fortunes, father- of-three mr Tepper said only: ‘i guess you could say there is a little justice in the world.’