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Billionaire bought $43 million house of ex-boss who passed him over for promotion, razed it to the ground
This American hedge fund billionaire bought the house of a former boss who had passed him over for a promotion – and then razed it to the ground.
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Billionaire David Tepper was recently in the news for selling three AI stocks while loading up on Nvidia. Tepper, 67, is known for being a shrewd businessman, owner of the Carolina Panthers, one of Wall Street's best investors – and a man who doesn’t forget a slight easily. The last point can be best illustrated by a famous incident involving Tepper.
In 2010, the American hedge fund billionaire bought the house of a former boss who had passed him over for a promotion – and then razed it to the ground. According to a report in the Sydney Morning Herald, Tepper paid over $43 million for the Long Island home of Jon Corzine, the former CEO of Goldman Sachs.
Once he had the property to his name, Tepper demolished it and proceeded to build a mansion twice as large.
Passed over for a Goldman promotion
Jon Corzine once passed Tepper over for a promotion at Goldman Sachs. This happened after the 1989 market crash, which Goldman weathered thanks in large part to Tepper, according to a report in The New York magazine.
Corzine was then the CEO but passed Tepper over for a partnership. Tepper quit the investment firm soon afterwards and set up Appaloosa Management, a global hedge fund based in Miami Beach, Florida.
Buying his ex boss’s house
Many years later, Tepper bought his former boss’s summer home in the Hamptons and tore it to the ground. He paid $43.5million to Corzine’s ex-wife for the property. According to the Daily Mail, it was the most expensive home sold in the Hamptons at the time.
One year after the property deal in 2010, he razed the 6,165 square foot mansion to the ground and proceeded to build a house twice as large. The construction took four years to complete and was widely documented at the time.
Tepper’s new mansion covers an area of 11,268 square foot and has a view of the ocean, a pool and a tennis court.
When asked about his ‘revenge’ by the New York Magazine in 2010, Tepper grinned and said, “You could frame it that way. You could say there was a little justice in the world.”
