A bankruptcy trustee is accusing billionaire financier Ira Rennert of using company cash to build his massive Sagaponack estate, Fairfield, which is said to be the largest single-family residence in the United States.
Crain’s New York Business reports that the trustee, who represents the creditors of MagCorp, is contending that Rennert drove the corporation into bankruptcy by funneling $120 million out of the business and using some of the cash to build Fairfield.
The estate boasts a 66,000-square-foot main residence with 29 bedrooms and 39 baths, a 91-foot formal dining room on 63 acres of oceanfront including two tennis courts, a basketball court, a bowling alley and its own heliport.
The market value is approximately $248 million. If he ever put it on the market, it would shatter records.
Rennert first appeared in court for the civil trial Tuesday in Manhattan, where his attorney’s argue that there is no proof MagCorp’s cash contributed to the construction of Fairfield, according to Daily Mail.