The Real Deal New York

Billionaire ordered to pay $213.2M judgment over Hamptons home

March 08, 2017 05:26PM

Billionaire Ira Rennert must pay a $213.2 million judgment against him, a federal appeals court announced Wednesday. A jury found Rennert guilty in February 2015 of diverting funds from his now-defunct company, MagCorp, to use to build his enormous, 43,000-square-foot, 21-bedroom mansion in Sagaponack. The home, called Fair Field, sits on 65 acres and was last-valued at $248.5 million by the town of Southampton. MagCorp filed for bankruptcy in 2001, and a trustee of Magnesium Corp. of America brought the lawsuit against Rennert, accusing him of taking the money when the company was already struggling with its enormous pollution lawsuits. [The Forward] and [Bloomberg]