Wednesday, April 27, 2011

The $44 million teardown...

For the real estate hounds consider David Tepper's latest plans in the Hampton's.

1) Buy a house for $43.5 million

2) Profit wildly from the swings in bank stocks in 2009

3) File plans to tear down the $44 million Hampton's mansion and replace it with one TWICE it's size.

4) Sit back and enjoy as the peasants scoff at your plans.

It's worth clicking through to see the pics of the house that he's tearing down.

My main reaction to the article was "What is he doing living in Livingston, NJ?" Livingston is kind of the ugly step child of the nice suburban NJ train towns. It's full of McMansions and Soprano wannabes so it doesn't really feel like the sort of town where a master of the financial universe would live.

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In other RECOVERY news:

"A record 18.3% of the nation's total personal income was a payment from the government for Social Security, Medicare, food stamps, unemployment benefits and other programs in 2010. Wages accounted for the lowest share of income — 51.0% — since the government began keeping track in 1929."

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