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Did a Junk-Bond Billionaire Loot His Company to Build This $248M Hamptons Palace?

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Reclusive billionaire Ira Rennert's colossal estate in Southampton has been controversial ever since it was completed amidst intense neighborly strife in 2003. This month, this "Hamptons Versailles" is back in the news as Rennert fights in court to prove he didn't build the massive home with some $100M looted from his now-bankrupt minerals company MagCorp. Believed to be the largest inhabited private home in the U.S., the estate has a 66,000-square-foot main house and comes in at 110,000 square feet with all outbuildings included, beating Florida's yet-to-be completed 90,000-square-foot "Queen of Versailles" mansion for now.

Now valued at $248M, the embattled mansion purportedly boasts: 29 bedrooms, 39 bathrooms, three dining rooms, three pools, a 164-seat theater, a 100-car garage, a squash court, billiards room, two bowling alleys, a gym, and basketball court. Over the years, Rennert has also been trying to pile on an 10,000-square-foot museum and a 663-square-foot Pilates studio. Perhaps these efforts to buff up the place even more will have to wait, as Rennert sorts out his legal troubles. Stay tuned.

· Hamptons Billionaire Accused of Looting Company to Build Mansion Worth $248 Million [The Fiscal Times]
· Did Ira Rennert Loot His Company to Build Fair Field? [Curbed Hamptons]
· Mapping America's Many Sorry Versailles Knockoffs [Curbed National]
· All Ira Rennert coverage [Curbed National]