New York Sues Southampton Estate Over Construction Accident

An oceanfront Meadow Lane estate that once starred in Showtime’s “Billions” is facing off-screen drama over a 2023 incident.

The New York State Insurance Fund filed a lawsuit against the property’s corporate owner, 1610 Meadow Lane LLC, over a construction accident that occurred in May 2023. The lawsuit does not directly name venture capitalist Michael Loeb, who has owned the estate since 2003.

A construction worker named William Baculima suffered severe and permanent injuries from an elevated fall during a renovation and painting project at the estate, according to the lawsuit. The trauma will permanently impact Baculima’s ability to work, the complaint claims, and he also continues to endure “ongoing mental anguish and significant physical pain.”

The state argues that the property owner violated New York Labor Law Section 240(1) — known as the “Scaffold Law” — by failing to provide Baculima with basic safety equipment, which led to the accident. Additional counts allege general negligence and industrial safety code non-compliance.

Although Baculma was hired by a third-party painting firm, the state alleges that 1610 Meadow Lane LLC acted as its own general contractor, which strips them of the immunity and makes them liable.

The state seeks to recoup its payouts to Baculima and guarantees the worker will get two-thirds of any financial recovery in excess.

The high-profile lawsuit highlights the massive financial risks of the Hamptons luxury market, which relies heavily on expensive teardowns and massive renovations. Meadow Lane in Southampton known for record-breaking sales, and was home to three of last year’s list of top 10 priciest deals in the Hamptons.

Loeb is the founder and CEO of investment firm Loeb.nyc. He co-founded Synapse Group, a consumer magazine marketing company, in 1992, and the firm was acquired by Time Inc. in 2006. Loeb’s father is the late Marshall Loeb, a renowned business journalist and editor of Money and Fortune magazines.

Loeb purchased the mansion in 2003 for $21 million.

“Billions” ran on Showtime for seven seasons from 2016 to 2023. The show’s first episode sees series protagonist Bobby Axelrod pay $63 million cash for the mansion, beating another buyer for the property valued at $83 million.

The New York State Insurance Fund filed the suit last month in the Supreme Court of the State of New York. Loeb did not immediately return a request for comment.