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Lots of billionaires own huge houses in the Hamptons. Ira Rennert’s is in a league of its own.
His estate, called Fair Field, is said to sport 29 bedrooms, 39 bathrooms, three dining rooms, three swimming pools, a 164-seat theater, a basketball court, a gymnasium and a two-lane bowling alley. Estimated to cover 62,000 square feet, the colossus is believed to be the largest inhabited private residence in the country. Southampton town records show the abode’s assessed value is $248,477,200, and its property-tax bill last year was $756,026.42.
Here’s another interesting thing about the place: Mr. Rennert is accused of looting a company to help pay for it.
That potent allegation stands as the centerpiece of a trial beginning Feb. 2 in federal court in Manhattan. The case pits Mr. Rennert against a trustee representing creditors in a failed mining outfit known as MagCorp. The trustee contends that Mr. Rennert drove MagCorp into bankruptcy by having nearly $120 million funneled from the ailing company and using some of the money to build his dream house.
The trustee seeks up to $700 million in recoveries and interest, plus unspecified punitive damages. Mr. Rennert, who is 80 years old and seldom speaks publicly, is slated to take the witness stand, said Scot Stirling, an attorney for the trustee. ….