In 2013, billionaire Steve Cohen paid $62.5 million for a 10,000 square-foot Hamptons mansion. And although he never lived in it, Cohen tore it down a few weeks ago, reports New York Post staffer Jennifer Gould Kell, and plans to build a new mansion in its place.

Due to local anti-megamansion rules, the new home cannot exceed the size of the old one. Even underground rooms can’t expand past the width of the ground-floor walls. The new house will feature a 9,700-square-foot first floor, while the second floor will be 4,620 square feet, and the basement will be 9,780 square feet, according to plans filed in East Hampton. There’s also a pool house.

Cohen already owns another beach mansion down the road, which he bought for $18 million, but that home does not have an ocean view.

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