"Tear downs" are not a new phenomenon, but dropping millions on a house just to knock it down is now becoming a proud tradition among America's rich. Billionaire hedge fund manager David Tepper—you know him as the guy who keeps $100M in a savings account—started a trend when he bought a 6,200-square-foot oceanfront house in the Hamptons for $43.5M then proceeded to knock it down and begin construction on a 15,000-square-foot replacement. On the West Coast, Paramount Pictures chief Brad Grey ruffled feathers when he bought Frank Sinatra's house, tried to flip it for $20M, and then tore the whole thing down just to relist it for the same price.
Pricey homes almost certainly headed for the scrap heap
