Billionaire to pay $200M over allegations surrounding his giant Hamptons house

Ira Rennert’s house, Fairfield, from above (credit: Wikipedia)

Billionaire Ira Rennert must pay a whopping $213.2 million judgment against him, a federal appeals court announced today. A jury found Rennert guilty in February 2015 of diverting funds from his now-closed company, MagCorp, to use to build his enormous, 43,000-square-foot, 21-bedroom mansion in Sagaponack.

The home, called Fair Field, sits on 65 acres and was last-valued at $248.5 million by the town of Southampton. It has three swimming pools, a 165-seat theater, a garage that can accommodate 100 cars, its own power plant and 39 bathrooms.

Rennert is worth $4.1 billion, according to Forbes’ most recent estimate.

MagCorp filed for bankruptcy in 2001, and a trustee of Magnesium Corp. of America brought the lawsuit against Rennert in 2015, accusing him of taking money from the company when they were already struggling with enormous pollution lawsuits. MagCorp was bought out by Rennert’s holding company, Renco, which changed the name to US Magnesium.

US Magnesium’s facility in Salt Lake City, Utah is currently on the EPA’s superfund site and the EPA is believed  to be one of the creditors who will receive money from the judgement against Rennert.