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Top Stories of 2012: Hedge Funder's Reported $75M Home

The Shaw Estate is being built in Hastings-on-Hudson on a hill above the Hudson River.
The Shaw Estate is being built in Hastings-on-Hudson on a hill above the Hudson River. Photo Credit: Danny LoPriore

HASTINGS-ON-HUDSON, N.Y. – The tiny hamlet of Hastings-on-Hudson will boast one of the largest and most valuable homes in the country when hedge fund founder David E. Shaw's new residence is completed.

Shaw's Rivertowns residence , which is perched on a hill with a panoramic view of the Palisades overlooking the Hudson River, is being built on several prime properties along a stretch of Broadway just south of the Dobbs Ferry-Hastings line. The founder of D.E. Shaw & Co. had been planning the large house for several years.

Early reports estimated the home would cost $75 million, but the value of the home will be fully assessed when construction is complete.

The 4.5-acre estate will include a 30,000-plus square-foot single-family house, said Hastings building inspector Deven Sharma. The land previously held two houses and a swimming pool that were removed to make room for the new project, according to Planning Board documents.

The house will feature reflecting pools, an underground garage and a swimming pool placed half underground, with a tennis court above.

Several neighbors and residents spoke out against the new construction, with concerns that the project would alter and impede views of the Hudson River and that the gigantic house did not fit the otherwise quaint Hastings community.

By early December, the work site was filled with large construction equipment, including a long crane that is being used to move materials from the Broadway entrance down to a building site on a hill above the Hudson River.

The next most expensive house in Westchester County was on the market at the time for $30 million, according to the website Trulia. According to 2011 Census data, the average value of owner-occupied homes in Hastings was $681,500, about $74.3 million less than the reported value of the Shaw house.