What Economic Slowdown? $43.5 Million Dollars Worth Of Rubble

Many people are still deeply hurting, from our current economic situation, yours truly included. Income is down and expenses are rising. But not all of us are suffering. There are a few people doing pretty well.

With real estate prices at an all time low it's time to do some buying. Thats what one hedge fund billionaire David Tepper did. He bought a little fixer upper in Sagaponack, Long Island. He paid $43.5 million dollars for the 6,000 square foot ocean front estate on 6.5 sandy acres.

What's the first thing you do? Well, if you're hedge fund billionaire David Tepper, you tear the thing down -- along with the guesthouse, swimming pool and tennis court -- to build an even bigger mansion.

According to Southampton Patch, Tepper bought the home last year from ex-wife of former New Jersey governor Jon Corzine, in the area's most expensive transaction of 2010. In April, he got a permit for the demolition, and yesterday, the site was finally cleared.

The new house will be about twice the size, with ocean views from every room, "a sunken tennis court, three-car garage, a widow's walk, second-floor decks including one with a Jacuzzi, and a covered porch," reports Hamptons Curbed, quoting the minutes from a recent town board meeting at which the construction was reviewed.