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Late Billionaire's Kids Squabble Over Hamptons Megamansion

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When investment banking demigod Bruce Wasserstein passed away in late 2009, he left behind a $2.2B fortune, a sprawling Fifth Avenue duplex, and one of East Hampton's largest beachfront estates (above). Well apparently that East Hampton spread, dubbed Cranberry Dune, isn't large enough for all of his six children to share amiably. This may come as a surprise considering the palatial estate measures some 26 acres, with a multi-winged main house, a substantial pool house, and an indoor swimming pool. Nonetheless, Erin McCarthy, the Columbia business school grad that carried Wasserstein's illegitimate child, is now suing to assure her five-year-old daughter's access to the summer estate.
The billionaire's five other legitimate children are countering that claim, saying that having their father's one-time mistress share their summer getaway would be the equivalent of sharing the "home with strangers, particularly ones who caused the dissolution of their family."

Lest anyone get to thinking that Wasserstein's love child was left to suffer in the wake of his untimely death, it should be noted that the five-year-old stands to benefit from a $75M personal trust, lives in a multimillion-dollar Manhattan apartment paid for by Wasserstein, and even gets $200K a year to secure a summer rental in the Hamptons, on top of tens of thousands in child support.

In 2012, the five other siblings offered their young half sister a choice of Wasserstein's Paris apartment or Santa Barbara ranch property in exchange for giving up her right to the East Hampton estate, but her mother refused. Now, lawyers seem to be pushing for a settlement equal to one-fifth of Cranberry Dune's substantial value.

· Mom of Billionaire Bruce Wasserstein's Lovechild Wants Use of Hamptons Pad [DNA Info]