David Tepper, New York Billionaire, buys Hamptons mansion for $43.5million... then tears it down because it's not "big enough" --how many are jobless?

Set on more than six acres of oceanfront land, with palatial rooms, huge marble bathrooms, a tennis court and a swimming pool, this Hamptons mansion is a holiday home fit for any king.

But not for a hedge fund manager, apparently.

New York billionaire David Tepper, who took home more than $4billion in 2009, wanted something a bit bigger.

So he bought the 6,165sq-ft property for $43.5m last year in order to knock it down and rebuild in its place a mansion twice the size.

The home was bought from Joanne Dougherty, the former wife of Jon Corzine, once a Senator, Governor and Mayor of New Jersey.

Meanwhile, a grand East Side townhouse in New York has sold for $47million - as the US housing index announced that house prices have fallen for the eighth month in a row in February and are nearing lows reached in 2009 during the recession.

Tepper bought the Hamptons property, which rents for $900,000 each summer season, last year but authorities have now approved its demolition and the construction of a new 11,268sq-ft property.

Architect Jaquelin Robertson told officials the new home will be a cedar-shingled two-story Georgian Colonial-style home.

It will come with a sunken tennis court, a three car garage and second floor decks featuring a jacuzzi and covered porch.

The new property will also offer views of the ocean from the first floor that were previously blocked by sand dunes. (read more)