Warner Music head buys in Hamptons

Music bigwig Lyor Cohen is shelling out nearly $7 million for a teardown house in the tony Northaven section of the Hamptons. The Warner Music Group chairman got the four-bedroom home after a bidding war erupted. The real prize is said to be the 2.5 acres bay-front property the home stands on. Cohen took his $9.5 million Bridgehampton home off the market because he would have to live in it during the extended construction that would likely ensue on the Northaven property.