Billionaire must pay $213.2M in money pilfering-case involving his Sagaponack mansion

Turns out that the largest house in the Hamptons — and perhaps the country — may have been built on embezzled money. Investor Ira Rennert was ordered by a federal appeals court judge earlier this month to pay $213.2 million to a former trustee of a now-defunct mining company, who ruled that he had used the company’s funds to build his 63-acre “Fair Field” estate in Sagaponack, 27East reported. The $213.2 million sum accounts for the cost of construction during the late 1990s as well as accumulated interest. The ginormous compound, with buildings spanning a total of 110,000 square feet, contains 21 bedrooms in the main house along with a 10,000-square-foot “playhouse” with bowling alleys, a squash court, exercise room, billiards room, and outdoor terrace. [27East]