Now You See It, Now You Don't: The $43.5 Million Teardown

Say you buy a $43.5 million, 6,000-square-foot oceanfront estate on 6.5 sandy acres in Sagaponack, Long Island (the country's most expensive zip code, according to BusinessWeek). 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 manse.

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.

Check out Patch to see more photos of the amazing disappearing estate.

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