John Paulson enters fight against “King of McMansions”

Hedge funder decries developer's plan for mansion in historic district in Southampton

TRD New York /
Apr.April 09, 2014 04:50 PM

Joe Farrell, a Hamptons builder dubbed “King of McMansions,” is stirring up a heated backlash with plans to construct a 5,531-square-foot home in a historic Southampton neighborhood.

Hedge fund manager John Paulson, who made his own billions betting on the national housing market collapse and shorting subprime mortgages in 2007, is the latest high-profile opponent to wade into a group of socialites, artists, developers and political family scions that have written letters to the area’s village review board. The home, they collectively say, threatens the character, “peace and tranquility” of the neighborhood.

The project’s handful of backers, which includes four of the five closest neighbors to the site at 483 Hill Street, countered that Farrell has already made “significant concessions in shape, size, height, location and landscaping to the people most directly affected.”

The five-member Board of Historic Preservation and Architectural Review will decide on the matter later this month. Beau Robinson, village attorney for the board, told the Wall Street Journal that the group does not comment on pending matters.

Farrell’s Bridgehampton-based company has built roughly 350 homes over the past two decades, 95 percent of which have been in the Hamptons, the Journal reported. [WSJ]Julie Strickland


Related Articles

arrow_forward_ios
Hamptons’ priciest summer rental to host MAGA extravaganza next month

Hamptons’ priciest summer rental to host MAGA extravaganza next month

Hamptons’ priciest summer rental to host MAGA extravaganza next month
Robert Futterman charged with DUI in Hamptons car crash

Robert Futterman charged with DUI in Hamptons car crash

Robert Futterman charged with DUI in Hamptons car crash
Joe Farrell’s not-so-sad saga

Joe Farrell’s not-so-sad saga

Joe Farrell’s not-so-sad saga
A new report finds that Hamptons prices skyrocketed as demand outpaced supply this year (iStock)

Report details Hamptons rental boom

Report details Hamptons rental boom
Ron Perelman and his estate in the Hamptons (Getty; Google Maps)

Ron Perelman mulls listing Hamptons estate for $180M

Ron Perelman mulls listing Hamptons estate for $180M
Renters continue their tri-state bookings, eliminating the post-Labor Day slowdown (iStock)

In Hamptons and elsewhere, season no longer ends on Labor Day

In Hamptons and elsewhere, season no longer ends on Labor Day
32 Windmill Lane and Andrew Saunders (Realtor)

Hefty prices, robust sales: Hamptons market thrives in Q2

Hefty prices, robust sales: Hamptons market thrives in Q2
Chopper ride-sharing services are seeing increased demand for Hamptons helicopter route as wealthy New Yorkers book commutes to Manhattan (Illustration by The Real Deal; iStock)

Chopper rides from Hamptons fly off the shelves as Covid changes plans

Chopper rides from Hamptons fly off the shelves as Covid changes plans
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...