Hedge funder’s Southampton home build on $53M property delayed once again

May 01, 2019 05:33PM

Scott Shleifer, named one of the richest hedge fund managers of 2018 by Institutional Investor, has again had his efforts to build a home in Southampton delayed by the Southampton Village Board of Architectural Review and Historic Preservation, 27east reported. Shleifer paid $53 million in 2015 to buy and combine two adjacent properties, according to Newsday. He subsequently tore down a Tudor-style home on the oceanfront property at 28 Gin Lane, which Schleifer wants to replace with a 14,561-square-foot home, as well as a 5,055-square-foot guest house on an adjacent lot at 24 Gin Lane. Three members of the five-member board initially voted to approve the build in October 2017. But then neighbors William and Lynn Manger, Pamela Michaelcheck and Top O’Dune LLC filed a lawsuit seeking to reverse that decision. Many felt Shleifer’s planned homes, which were designed by Timothy Hayes, were out of character with the area. New York State Supreme Court Justice Joseph Pastoressa in Riverhead ruled that the board failed to consider the size of Shleifer’s proposed structures and that it needed to reconsider them. The board was supposed to deliver a written decision on April 8, but postponed the ruling because it wasn’t ready. The board did so again on April 23 for the same reason, but said the decision will be ready by their next meeting on May 13. Shleifer has run Tiger Global’s public equity business and will soon take over its private arm, Institutional Investor reported[27east]