The 43.5 Million Dollar Tear-Down

By
Real Estate Agent with Keller Williams Realty - East Monmouth

43.5 Million Dollar Tear-Down Luxury Real Estate

Say you buy a $43.5 million, 6,000-square-foot oceanfront estate on 6.5 sandy acres in Sagaponack, (in my homeland of Eastern Long Island).

What's the first thing you do? Well, if you're hedge fund billionaire David Tepper, you tear the thing down -- along with the guesthouse, swimming pool and tennis court -- to build an even bigger house.

Tepper bought the home from ex-wife of former New Jersey governor Jon Corzine. In April, he got a permit for the demolition, and yesterday, the site was cleared.

The new house will be about twice the size, with ocean views from every room, "a sunken tennis court, three-car garage, a widow's walk, second-floor decks including one with a Jacuzzi, and a covered porch," reports Hamptons Curbed.

43.5 million dollar tear-down Sagaponac, Long Island, Susan McLaughlin

Back here at my adopted home at the Jersey Shore, the Rumson and Fair Haven markets have seen some pretty amazing tear-downs, too.  Your nominations for the most fabulous home that was torn down are welcomed.  Mine would be the 80 West River Road home of Jeanne Wrightson that was torn down and replaced by the 18,000 square foot super-house built by Judy and Peter Dawkins. 

Rumson real estate, Susan McLaughlin Keller Williams

Here, left, the Wrightson Estate, a French Normandy inspired home on over 10 waterfront acres with 700 feet of Navesink River frontage.  The home was set on a promontory with 220 degree views of the river. 

The house was reached by a long, meandering drive, past the pool and caretaker quarters.  For many years I had the pleasure of weekly visits with Mrs. Wrightson and remember the U-shaped home built around a flower-filled courtyard.  The all brick, slate-roofed home featured a foyer with a sweeping staircase, an 18th century French lavender marble mantle and luxurious amenities that included a temperature-controlled closet just for furs.  Why not?  People do it for their wine :-)

Sold in 2000 for $4,500,000, the Wrightson estate was felled to make way for the spectacular 18,000 square foot Dawkins home.  The estate is now under contract, listed for $19,500,000

Above, the Wrightson Estate at 80 West River Road, Rumson

Below, the Dawkins estate at 80 West River Road, Rumson

Rumson real estate, Susan McLaughlin Keller Williams

Not all of the 100 plus tear-downs in the two small towns of Rumson and Fair Haven have been this dramatic, but they continue to dominate home sales in our market.   

The trend started on the waterfront and estate lots and has spread to practically every street in Rumson and Fair Haven.  The buyers are builders as well as families who want to build a custom home.  Builders who had grown wary of building spec houses in the three million plus range scaled back after the market downturn.  Instead, they began acquiring "lower" priced homes to level and build anew.  There's a big demand for new homes in the $850,000 to $1,500,000 range and the houses sell well.

If you are in the market for a new home or are thinking of selling, I can introduce you to the builders - the best of the best - who can work with your budget.  If you are thinking of selling and like the idea of an uncomplicated sale to a builder,  call me for a confidential chat.  You can reach me directly at 732-768-1068.

 

 

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Comments (8)

Carolyn Kolba
Serving Mentor, and all of Lake County, Ohio - Mentor, OH
Keller Williams Realty- Mentor, Ohio

Susan, that is just absolutely amazing... that someone would purchase this, and then tear it down.  What is even more amazing, is what could have been done with all that money... if used for a different purpose.  To me... what a waste.

Jun 03, 2011 04:55 PM
Nor Yeretsian
Envoy Capitol Realty Inc. - Toronto, ON
Envoy Capitol Realty Inc., Brokerage Toronto

Very nice Susan. You just reminded me I forgot to buy a lottery today and the reason why.

Wonderful homes and resorts.

cheers

Nor

Jun 03, 2011 04:55 PM
Emily Medvec
eXp Realty LLC - Santa Fe, NM
Realtor | Serving Santa Fe & Northern NM

It appears some luxury homes have the luxury of a short life...

Jun 03, 2011 04:55 PM
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Hi, Susan.

     On a Positive Note - think of the jobs that were created, and the money that was made by demolition crews, government bureaucrats, landfill workers, bulldozer operators, dump truck drivers, the local dumpster company, advisors, architects, planners, and countless other persons involved in tearing down the Building. 

     Plus, the money that will be made by the dozens and dozens of people who will create this guy's new Palace.

     A True Economic Stimulus!

Jun 03, 2011 05:04 PM
Anonymous
ElleDrake

Bad, BAD karma. The wastefulness of this is sickening.

Jun 06, 2011 06:24 AM
#5
Gina Tufano
Ask Gina & Company with Pearson Smith Realty - Sterling, VA
Ask Gina & Company, Northern Virginia Real Estate

Wow, that is really amazing to see and the cost is mind boggling.

Jun 07, 2011 05:42 AM
Cindy Logan
Mark 1 Real Estate Advisors - Huntington Beach, CA

Can I have all the old stuff from the tear-down?  : )  I like what Bill Gates is doing with his money; funding schools in Africa.  And, no, he isn't living a pauper's life, he just chooses to make a difference with the excess.

Jun 10, 2011 08:03 AM
Susan McLaughlin
Keller Williams Realty - East Monmouth - Red Bank, NJ
Monmouth County Real Estate

"... And in other news, the Unemployment rate has reached 8.4%, with the broader Under-Employed rate at 15.9%"

I think we see this the same way. 

Jun 10, 2011 09:40 AM