david tepper yacht

Hedge fund billionaire David Tepper paid $68M for Palm Beach mansion

Tepper’s previous relocation to Florida in 2015 marked a huge loss in income tax for New Jersey

Hedge fund billionaire David Tepper closed on his purchase of an oceanfront mansion in Palm Beach for $68.4 million, property records reveal.

Tepper, founder of Appaloosa Management and owner of the Carolina Panthers, had been in contract to buy the 12,000-square-foot oceanfront mansion at 905 North Ocean Boulevard from Patrick Carney and Lillian Carney, but the exact purchase price was unknown. The Wall Street Journal had reported the sale price was about $73 million , which likely includes commissions.

The Carneys built the home on a 1.1-acre parcel north of the Palm Beach Country Club.

It’s unclear whether Tepper will relocate to Palm Beach. He moved to Florida from New Jersey in 2015, prompting Garden State lawmakers to say its top tax was scaring off the wealthy . He returned to New Jersey last year. Forbes pegs his wealth at $13 billion.

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Tepper owns a condo in Miami Beach, and opened a Miami Beach office for Appaloosa in 2016. More financial firms have been opening offices or relocating to South Florida in recent months, spurred by the migration of wealth to the Sunshine State.

Earlier this month, private equity titan Scott Shleifer paid more than $120 million for the oceanfront mansion at 535 North County Road in Palm Beach, setting a record for residential sales in Florida and marking one of the most expensive home sales in the U.S.

Luxury home sales in Palm Beach have been on the rise. The nearby estate 790 South County Road recently sold for $31 million .

Next door to Tepper, at 901 North Ocean Boulevard , Palm Beach developer Clark Beaty recently listed his newly built spec house for $55 million.

Banker buys ex-boss's house only to raze it and build huge mansion in act of 'revenge'

An American hedge fund billionaire bought the home of a former boss who passed him over for promotion — then tore it down and built a mansion twice as big on the exact spot

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WASHINGTON — An American hedge fund billionaire bought the home of a former boss who passed him over for promotion — then tore it down and built a mansion twice as big on the exact spot.

David Tepper paid the ex-wife of Jon Corzine, the former CEO of Goldman Sachs, US$43.5 million for the summer home in Sagaponack, Long Island, in 2010 and flattened it.

Banker buys ex-boss's house only to raze it and build huge mansion in act of 'revenge' Back to video

Ordering the building of a new property, he seemed intent on creating something bigger and better. Five years later, the full extent of the 58-year-old hedge fund manager’s “revenge” seems complete. The new 11,268 sq ft mansion is almost exactly twice the size of his one-time boss’s property. The estate includes a giant outdoor swimming pool and pool house, three-car garage and tennis court.

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The completion of the beachfront house, in an area of the Hamptons that has long been a playground for the wealthy, may bring closure to a feud that began more than two decades ago.

After reportedly playing a critical role in protecting Goldman Sachs from a financial crash in the late Eighties, Tepper assumed that he would be made a partner. When he was not chosen, he blamed Corzine, the head of his division, with whom he was said to have had a fractious relationship.

Tepper left to start hedge fund Appaloosa in 1993 and became a billionaire in 10 years. He is one of the highest-paid fund managers in the U.S., earning $3.5 billion in 2013, according to Forbes magazine.

But Tepper, who is described by colleagues as having a loud, sometimes brash demeanour, appeared not to have forgotten Corzine’s alleged slight. After buying the home from his 68-year-old former boss’s ex-wife in 2010, he told New York Magazine: “You could say there was a little justice in the world.”

The Daily Telegraph

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Early Life and Education

Appaloosa management l.p., investing in debt, family office.

• David Tepper FAQs

The Bottom Line

• Business Leaders

David Tepper: Early Life, Appaloosa, Investing in Debt

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia.

Katrina Ávila Munichiello is an experienced editor, writer, fact-checker, and proofreader with more than fourteen years of experience working with print and online publications.

David Tepper is regarded as a prominent investor and hedge fund manager. In 1993, Tepper co-founded Appaloosa Management L.P.

With a net worth exceeding $16.7 billion, David Tepper is recognized as one of the world's prominent billionaires.

Key Takeaways

• David Tepper is a renowned hedge fund manager and co-founder of Appaloosa Management L.P.
• He is the owner of a National Football League team, the Carolina Panthers.
• In 2003, Tepper donated $55 million to Carnegie Mellon University and the university established the David A. Tepper School of Business.

Investopedia / Julie Bang

David Tepper was born in Pittsburgh, Pennsylvania on Sept. 11, 1957. He graduated from the University of Pittsburgh in 1978 with a bachelor's degree in economics and earned an MBA in 1982 from Carnegie Mellon University. Tepper's early career in finance began with positions at Equibank, Republic Steel, and Goldman Sachs.

In 1985, David Tepper joined Goldman Sachs as a credit analyst on the high yield debt team in New York. As a head trader, Tepper remained at Goldman Sachs for seven years. A specialist in  distressed debt , particularly bankruptcies and special debt situations, Tepper left Goldman Sachs in 1993 to launch Appaloosa Management L.P. with his former colleague, Jack Walton.

As a limited partnership hedge fund, Appaloosa brought together a small group of wealthy investors. Appaloosa used high-risk methods, such as investing with borrowed money, to realize large capital gains. Targeting the debt of companies in distress, Appaloosa's first investment was in the now-bankrupt Algoma Steel. Appaloosa would continue to bet and succeed on bond purchases of troubled companies like Enron, Worldcom, Marconi Corp., and Williams Co. These companies contributed to a 150% gain in Tepper's portfolio position.

At its inception, with $57 million in capital, Appaloosa delivered a 57% return on its assets within six months. The fund's worth grew steadily, from $300 million in 1994 to $800 million in 1996, and in 2022, Appaloosa managed $3.82 billion worth of assets.

David Tepper's aggressive style and confidence are often seen as his best traits as a hedge fund manager. Following the 2008 subprime mortgage crash, when panicked sellers were driving down the value of financial institutions like Bank of America and Citigroup, Tepper was investing in them. The hedge fund tycoon purchased nearly $2 billion in face value commercial mortgage-backed securities floated by AIG. When the U.S. government intervened in the survival of the banks, Appaloosa profited by $7 billion. David Tepper's investments following the 2008 market crash are often viewed as some of the greatest market trades ever made.

In 2019, David Tepper announced that Appaloosa would eventually move to a family office , continually returning capital to its investors each year. At the time, Appaloosa managed $14 billion worth of assets, with 70% of that total belonging to David Tepper.

As the fund moves into a family office, Appaloosa will return all capital balances to every investor who doesn't have a direct familial relationship with Tepper. This may entail “closing” the fund or creating a new private entity. David Tepper would then gain a greater degree of privacy, flexibility, and control over both his investment assets and personal affairs.

With Which Business Sectors Did Appaloosa Achieve Success?

David Tepper's investment in banks (AIG), energy (ENRON), and telecommunications (Marconi) helped define Appaloosa's success.

What Is David Tepper's View Of Crypto Currency?

David Tepper has equated holding crypto to holding gold. He views crypto as a stored value and has said that he owns a small amount.

What Is David Tepper's Interest in Sports?

David Tepper showed an interest in baseball and football at a young age. He had a penchant for memorizing baseball statistics. In 2009, he purchased a share of the NFL team, the Pittsburgh Steelers. He bought another NFL team, the Carolina Panthers, in 2018.

David Tepper is known as one of the leading hedge fund managers of his generation. He is considered an expert in distressed debt investment. Garnering steady returns for client investors since its 1993 inception, Tepper's Appaloosa fund has compounded at more than 25% per year.

Forbes. " David Tepper ."

Carnegie Mellon University. " David A. Tepper (MBA '82) Donates Record $55 Million to Graduate School of Industrial Administration ."

NY Magazine. " Ready to Be Rich ."

Wallmine. " Appaloosa L.P. 13F Annual Report ."

The Wall Street Journal. " Fund Boss Made $7 Billion in the Panic ."

Sovereign Wealth Fund Institute, " David Tepper Sees Path for Family Office ."

Institutional Investor. " Hedge Fund Hall of Fame ."

CNBC. " David Tepper thinks crypto is a store of value like gold and owns a small amount ."

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Panthers owner David Tepper: The billionaire next door

After eventful first year, the Carolina Panthers’ owner leans on his instincts, targets MLS team in effort to make Charlotte a sports hub.

Ten years ago, David Tepper made  $4 billion on a bet that American banks would avoid rock bottom during the 2009 financial crisis. Nationalization seemed plausible and banking stocks were trading for a few bucks a share at the time, so when the troubles passed, Tepper emerged with both immense wealth and a reputation for extraordinary confidence and resolve.

In the year since he paid an NFL-record $2.275 billion to buy the Carolina Panthers, Tepper has brought the same swashbuckling mindset to the NFL, moving quickly and spending heavily to overhaul the franchise with the goals of winning a Lombardi Trophy, becoming a top-tier NFL franchise by every possible definition and becoming a dominant voice in Charlotte-area development. He knows what he wants, has the resources to get most of it, and there’s little second guessing.

In fact, Tepper thinks his biggest mistake so far has been insufficient confidence in his own instincts.

As the Panthers struggled through a seven-game losing streak in 2018, he says he felt football was a bit of a mystery — something he didn’t understand well enough to act on. But he ultimately decided his management instincts were telling him something about the team’s results. In early December, the team demoted defensive coordinator Eric Washington, fired two assistants and put head coach Ron Rivera in charge of defensive play calling.

Who is David Tepper?

■  Owner, Carolina Panthers

■  Founder & President, Appaloosa Management hedge fund

■  Founder, The David A. Tepper Charitable Foundation, Better Education Institute

■  Age: 61

■  Hometown: Pittsburgh

■  Education: B.A., economics, University of Pittsburgh (1978); MBA, Carnegie Mellon University (1982)

■  Family: Three children

■  Estimated net worth: $11.4 billion, per Bloomberg Billionaires Index

“The football side was interesting; I was a little bit apprehensive last year,” Tepper said. “But I kind of think I realized that the football side is business, too. It’s just good management processes. So the same sort of standard you’d set for a business you would set for a football team.”  

On the business side, there’s been no apprehension. Worth $11.4 billion, according to Bloomberg — the largest fortune among NFL owners and many times what previous Panthers owner Jerry Richardson had — and with 100 percent control of the club, there’s little to constrain Tepper.

Within weeks of taking over, he began replacing the executive team, bought out Richardson’s limited partners, created departments for marketing and business analytics, and hired a mental health provider and a nutritionist for the team.

He also made bold fan-facing moves, earning praise for exchanging the NFL logo at Bank of America Stadium’s 50-yard line for the Panthers logo, and criticism for signing safety Eric Reid after his protests during the national anthem. He shakes hands with fans before games and had the Panthers jump head-first into Amazon’s “All or Nothing” series — which told locals more clearly than anything that this was no longer the rarely seen Richardson’s team.

This summer, Tepper and his handpicked top executive, former City Football Group chief commercial officer Tom Glick, have gone to work on a bigger vision: to make Charlotte a dominant destination for sports and entertainment, while turning the Panthers into a major player in real estate, development and philanthropy.

The centerpiece of that goal is their fast-moving bid for a Major League Soccer franchise, which they’ll present to MLS owners at the All-Star Game this week. But it also includes a 230-acre development in nearby Rock Hill, S.C., extensive renovations to Bank of America Stadium if the MLS bid is approved, possible construction of a soccer practice facility, turning the football practice facility into conference space and further uptown Charlotte development. Within a decade, he says, he hopes to build a new retractable-dome stadium, with taxpayer help, that would turn the city into a contender for every major concert tour and sporting event.

Tepper and Glick speak in detail about the corporate and fan interest already documented for an MLS expansion club, and push their argument that Charlotte can do what Atlanta United did: reset the standard for MLS attendance by playing in an NFL-first facility in a place with high fan interest.  

Having just come off $150 million in renovations completed in 2017, Bank of America Stadium is a fundamentally strong place for soccer, Glick said. It’s hosted several international friendlies that have averaged more than 50,000 in attendance. But the MLS bid would require upgrades to include league priorities such as a center tunnel, on-field suites, supporter zones behind the goals and soccer-specific TV camera bays. Those changes would come along with another round of improvements aimed at the general fan experience across all events, Glick said. The team won’t disclose a projected cost, but MLS expansion fees plus those short-term renovations presumably would run between $300 million and $400 million.

But Tepper has his eyes on the big prize: a new retractable-dome stadium in uptown Charlotte at some point in the next decade that would host the Panthers, an MLS team, a robust rotation of concerts, Final Fours and Super Bowls.  

He won’t do it without taxpayer help, which he said ought to be an easy sell considering the economic impact of an expanded, year-round schedule of events.

“At some point I would make a big investment if I could get the state and others on board in a new stadium that would be great for soccer and great for football,” Tepper said.

The project does need public buy-in, he added, and it’s achievable.

“The economy’s big enough for a revenue tax, a hotel revenue increase that would go a long way to help pay for a new stadium,” Tepper said.

He already expertly wrung tax incentives out of South Carolina for the Rock Hill development tied to the team’s headquarters being relocated there and is starting to make a political pitch infused with Charlotte boosterism for a stadium.

“This state, this region, has to realize how great it can be,” Tepper said.  

The club also is considering selling personal seat licenses for soccer as part of the creation of an MLS team that would give fans a sense of ownership. “There’s a concept of soccer PSLs that we’ve researched, that we think we can do,” Tepper said, though a spokesman emphasized the idea is still being studied. “In this market there’s a lot of pride with personal seat licenses. And what we think we can do on the PSL side, it’s not necessarily from a funding source, it’s more from a pride source.”

Taking a step back, Tepper hammers home a broader argument: There’s extraordinary unmet demand for sports and other live entertainment in Charlotte — in particular the lack of a major league summer sports team — and he can both meet that demand and profit from it. Expect to see more one-off soccer events at the stadium, and he teases a major concert booking soon.  

“People here in Charlotte have to realize: This is a really major, growing, important city, and it needs that sort of presence,” Tepper said. “Charlotte, in my mind, for these two states, should be the sports and entertainment capital. That’s what it’s meant to be.”  

To that end, he’s launching Tepper Sports & Entertainment, a holding company that will sit atop all of his Charlotte sports entertainment and development endeavors that will be run by himself and Glick.

As he runs through his plans, Tepper posits what kind of secondary implications development could bring, such as expanded use of the Rock Hill airport once the Panthers’ planned development takes root in South Carolina. It’s a corporate and personal craft airport outside of the congested Charlotte Douglas International Airport’s airspace, which could be a boon to corporate travelers seeking deals in the region. Or, how the Panthers could vastly improve the region’s recreational options simply by building bike trails around all of their real estate.

Confidence is not unusual among NFL owners. But Tepper’s self-assurance plays out differently when combined with his middle-class Pittsburgh roots and somewhat abrupt success in finance, said Tom Sorensen, a retired Charlotte Observer columnist.

It’s made him the “billionaire next door,” a man who sees no need for the usual trappings of ownership like titles (he’s simply “Dave” around the office), formal business attire and close managing of his media availabilities.

“I think a lot of times these owners are trying to effect an image,” Sorensen said. “You’re looking for a way to show who you are, and maybe this is a part of that … you know, you’ve attained a certain level and there are just rules.”

On the morning of the NBA All-Star Game, Sorensen recalled, Tepper entered a VIP brunch dressed in jeans and a T-shirt, hat low over his eyes, while the rest of the room was in church clothes. He met with reporters and conducted meetings in a white Panthers Nike shirt and gray sweats.

“Tepper is obviously confident enough to ignore those rules,” Sorensen said.

This is a really major, growing, important city, and it needs that sort of presence. Charlotte, in my mind, for these two states, should be the sports and entertainment capital. That’s what it’s meant to be.

Tepper’s casual, approachable nature has already changed the culture around the Panthers’ offices. For a franchise known for its stability under Richardson, Tepper has engineered a near total overhaul of the team’s top ranks with a focus on diversity and a free flow of ideas. He’s hired women in several key management roles, such as Chief Financial Officer Kristi Coleman and the team’s first chief marketing officer, Meredith Starkey, and instituted weekly meetings with his senior staff after years of infrequent get-togethers.

He expects any organizational deficiency that might be a competitive disadvantage to be addressed immediately, and pushes his team and possible partners to evaluate many long-term plans at once. “I don’t want to leave any room for excuses: What we should have done, what we didn’t do, what we could have done,” he says.

His investment team at Appaloosa Management, the hedge fund he founded in 1993, works in an open floor plan, where entry-level employees to the top are free to interact whenever is necessary to respond to an opportunity. “We’re trying to break down silos,” he said.

Tepper is shrinking his hedge fund by gradually returning investors’ money — he says unpredictable political leadership in both China and the U.S. is making the business harder — and he appears prepared to give the Panthers even more of his attention. He spends two days weekly in Charlotte (three during game weeks), but he’s not giving up the reins on finance.

On a recent Tuesday, Tepper interrupts an afternoon interview to check in with his traders at Appaloosa. It’s simple enough. Two large monitors sit atop his orderly desk: One is a Bloomberg terminal, the other is a video conferencing screen that shows live images of his top staff working in Miami Beach.

He turns off the screen’s mute button and says, “What are you guys doing over there?” They all immediately respond. He promises he’ll check with them later, then returns to the interview.

Tepper then points at his two TVs: One on CNBC, the other on the NFL Network. Moments later, his cell phone rings — it’s Panthers coach Ron Rivera, talking not football but golf. “It’s actually kind of an interesting thing because we’re looking at something else down there,” Tepper explained of the Rock Hill development. “We’re looking at some kind of golf course, and he knows, he’s familiar with Jack Nicklaus, so that’s what that was.”

Some of what Tepper’s done is a matter of competitive advantage — or at least stopping competitive disadvantage. For instance, building a roof over the practice facility and expanding the players’ cafeteria in the stadium to accommodate the entire team at once. They’re basic problems that can be solved by a relatively small outlay, and if done creatively, can generate income.

Take the Fifty3, for instance. That’s a new super-premium hospitality product already sold to 53 Panthers fans for $30,000 each, giving them seasonlong pregame hospitality in the same place players enter the stadium on game days, and a suite of other privileges and programs.  

Here’s the key: It’s also the expanded players’ cafeteria. For $1.75 million in renovations, the Panthers gave their team a place to eat as a group and facilitated $1.6 million in revenue in a week of sales. There’s a similar plan in place for the “bubble,” the now-indoor practice facility that will also have convention space available for rent, which Tepper thinks will be a high-demand alternative to the current uptown convention center.

Tepper talks about the Panthers as a “great platform” for his philanthropy, quoting Spider-Man’s edict “With great power comes great responsibility.” He means both giving away money and leveraging the Panthers for economic growth.

Tepper's first year in Charlotte

■  Created new divisions in marketing and business analytics, and dedicated teams for fan services, special events, and real estate/infrastructure

■  Launched bid for an MLS expansion team

■  Rock Hill, S.C., campus deal: Secured $160 million in taxpayer-funded incentives to develop a 230-acre site projected to include practice facilities, team headquarters, a major health care operation, a hotel, meeting space, shops, restaurants and offices

■  Hired the NFL’s first mental health clinician for players

■ Developed the Fifty3, a new premium club space that’s also used as an expanded players’ cafeteria

■  5-year deal to host International Champions Cup soccer at Bank of American Stadium

■  Construction of “bubble” roof over practice field

■  Panthers appearance on Amazon’s “All or Nothing” series

New England Patriots owner Robert Kraft, who advocated for Tepper while he was trying to buy the club, said he’s pleased to see Tepper act with such gusto to challenge the Panthers’ status quo. “He understands the importance of being involved in the community, and you know, he wants to win,” Kraft said.

Ned Curran, CEO emeritus of Charlotte-based development firm Northwood Office, said Tepper simply sees his job much more broadly than Richardson did. Richardson was respected as the man who brought and kept the NFL in Charlotte, but more or less viewed his role as a football administrator.

“The difference I see is a much broader palette,” Curran said. “He’s thinking about soccer, he’s thinking about real estate, he’s thinking about pro football. He’s going to have his fingers in more places, and why wouldn’t he want the region he’s chosen to operate in to grow, prosper and be attractive?”

Kraft said those local projects are key to the NFL’s staying power even if they’re not league matters per se. “For us to continue to be as strong as we are, it only will happen if ownership in their individual communities are committed to making the quality of life there as well as it can be,” he said.

In a city where NFL expansion and the loss of an NBA franchise are still relatively recent memories, Curran sees Tepper’s ambitions as a way of securing the Panthers for the long term. The team’s real estate developments, a second major league franchise and public-private partnerships are all ways to keep Tepper there even if, in some unforeseen future, the NFL business grows frustrating.

“The more invested a professional team owner is in the community, the more secure their presence is in the community,” Curran said.

But the public’s mind is far from those unpleasant considerations now. Tepper’s goals and confidence are infectious; his appearance on Amazon’s “All or Nothing” has only helped give the impression that he’s prepared to spend what it takes to win a Super Bowl. At that show’s premiere, a group of season-ticket holders erupted in cheers when he entered.

It’s already clear, Curran said, that Tepper didn’t buy the team just to be an owner and cash NFL media checks. He’s in it to win, and in Charlotte’s banking and finance heavy economy, Tepper’s track record picking stocks precedes him.

“I think people are excited about that,” Curran said. “You look at his business success and I think people come away with a reasonable bit of confidence that this is going to work.”

But he faces the same expectation as any owner: a Super Bowl title. The team hasn’t won a playoff game since making the Super Bowl in the 2015 season, and fans sense their window of opportunity is limited.

As a Pittsburgh native and former investor in the six-time champion Steelers, Tepper knows as well as anyone what the Lombardi Trophy can do to a fan base and the front office’s reputation. After he moved in, he ordered the club’s two NFC championship George Halas Trophies to be de-emphasized, and placed an empty trophy case in the center of the display to underscore the unmet goal.

But he insists he won’t let the challenge weigh on him. There’s so much opportunity for change and profit, and he’s ready to leverage his money and platform as aggressively as he can to make the team a perennial contender and leading NFL franchise in every way, even if he can’t buy a title.

“I’m never afraid to go back and work in the steel mills,” Tepper said. “I’m not afraid to make mistakes, that’s the bottom line. I want this organization, that was probably a little too rigid, to become an organization that’s not afraid to make mistakes.”

First Look podcast, with David Tepper discussion at the 11:00 mark:

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Carolina Panthers David Tepper ‘rocks the boat’ with Matt Rhule

By brandon scott | jan 10, 2020.

Carolina Panthers owner David Tepper makes waves with big contract for first-time NFL coach.

As both the richest and newest NFL owner, David Tepper is focused on making the Carolina Panthers a perennial contender. While doing so may require some time, Tepper is gradually putting his own stamp on the franchise with his biggest moves to date coming this offseason.

Before the regular season ended, Tepper fired long-time coach Ron Rivera in an effort to get a jump start on the coaching search. After interim Perry Fewell concluded with an 0-4 record it became increasingly apparent that the new owner would look outside the current staff for a replacement.

Tepper found his man in former Baylor coach Matt Rhule. A collegiate guy with a propensity for turning around and changing the culture of each program he inherits. While his hiring puts Carolina squarely at a crossroads of if they are going to compete now or rebuild for potentially something better, it is the contract that apparently has upset other NFL owners.

According to Robert Klemko of The Washington Post , a divisional coach offered the following comments about Rhule being hired by the Panthers.

"“Tepper just drove the price of pork up, and I know the owners are pissed. They’re gonna hurt him at the next league meetings. They might just shut him out of the room.”"

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Granted, no coach is going to speak for all 32 NFL owners but the likelihood this particular one had similar conversations with his specific owner is possible. Rhule’s seven-year, $60 million contract makes him one of the highest paid coaches in the league and his only previous NFL experience came as an assistant offensive line coach for the New York Giants back in 2012.

Tepper’s unorthodox style may be upsetting to the elders of a league that at times feels like a fraternity only open to a few exclusive individuals. Team’s repeatedly cycle through coaches already involved in some capacity and while giving someone from the outside an opportunity is a risk, it’s one Tepper is obviously willing to take.

Next. Welcome Matt Rhule. dark

Having made his fortune as a hedge fund manager, it’s safe to assume Tepper is more than comfortable taking a chance on Rhule and could care less what any of the other owners think.

TheCityCeleb

The Private Lives Of Public Figures

Home » Biography » Entrepreneurs » Businessmen » David Tepper Biography: Net Worth, Spouse, Age, Children, Private Jet, Wiki, Yacht, Girlfriend

David Tepper Biography: Net Worth, Spouse, Age, Children, Private Jet, Wiki, Yacht, Girlfriend

David Alan Tepper  (born September 11, 1957) is a highly acclaimed entrepreneur and investor, widely recognized for his billionaire status and notable contributions to the financial world. 

As the founder of  Appaloosa Management , a prominent hedge fund based in Miami Beach, Florida,  Tepper  assumes the roles of president and hedge fund manager. 

David Tepper ‘s expertise lies in strategic investment across global equities, fixed income, and currencies. His success in the financial industry is attributed to his highly effective investment strategies, solidifying his standing as a respected figure in the field.

Early Life & Education

David Tepper , a highly successful business professional, was born on September 11, 1957, in vibrant Pittsburgh, Pennsylvania. Coming from a loving family,  David  is the second of three children born to  Harry Tepper , a diligent accountant, and  Roberta Tepper , a dedicated elementary school teacher.

Growing up in the close-knit Stanton Heights neighborhood of Pittsburgh’s East End,  David  was raised in a nurturing Jewish household that instilled strong values and a sense of community. He has two siblings,  Scott Tepper  and  Sheryl Weitman .

Education played a crucial role in his upbringing as  David Tepper  attended  Peabody High School  before embarking on an enriching academic journey at  Carnegie Mellon University , where he graduated with distinction. He also had a BA from the  University of Pittsburgh .

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David Tepper  commenced his professional journey after graduating from the esteemed  University of Pittsburgh , holding a bachelor’s degree in economics and later earning an MBA from  Carnegie Mellon . His rapid ascent at Goldman Sachs culminated in him leading the high-yield debt division, where he garnered acclaim for his profound understanding and adept handling of distressed assets.

Despite facing disappointment in not attaining a partnership at Goldman Sachs,  Tepper  seized an opportunity in 1993. Joining forces with colleague  Jack Walton , he co-founded  Appaloosa Management . The company’s initial focus was identifying undervalued companies and turnaround prospects, leveraging  Tepper ‘s extensive knowledge of distressed debt. Over time,  Tepper  shifted towards a hands-on approach, actively championing operational and strategic transformations within the underperforming companies he invested in.

David Tepper ‘s proactive involvement yielded substantial growth in shareholder value for companies like Time Warner, Yahoo, and Weatherford International.  Appaloosa Management  consistently delivered remarkable investment returns, solidifying  Tepper ‘s position as the industry’s top hedge fund manager. Beyond finance,  Tepper  diversified his portfolio as the owner of the Carolina Panthers in the National Football League and Charlotte FC in Major League Soccer.

Social Media

David Tepper  does not have a social media handle.

Personal Life

David Tepper , 66, a prominent figure in the financial industry, entered into matrimony with  Marlene Resnick Tepper  in 1986. The couple was blessed with three children named  Brian Tepper ,  Casey Tepper , and  Randi Tepper  throughout their union.

As time passed, their marriage endured for an impressive span of three decades before ultimately succumbing to divorce in 2016. However, life had more surprises in store for  David Tepper  as he embarked on a new chapter in 2019 when he tied the knot with  Nicole Bronish , also known as  Nicole Tepper , after a significant time in a committed relationship.

David Tepper , the brilliant mind behind  Appaloosa Management , a highly successful hedge fund, is rumored to possess an astonishing net worth ranging from an incredible $16.7 billion to an eye-popping $20.6 billion. 

The precise value of his fortune differs across various sources. Still, without a doubt,  Tepper  undeniably ranks among the elite group of the wealthiest individuals on this planet.

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David Tepper listed as richest NFL owner, with net worth of $14.5 billion

David Tepper remains the NFL’s richest owner, and he’s gotten a lot richer lately.

Tepper’s net worth is listed at $14.5 billion on the latest Forbes billionaires list , which indicates that his net worth has risen by 21 percent since last year. The Panthers’ revenue may have declined along with the rest of the NFL’s, but Tepper’s hedge funds have done well during the COVID-19 pandemic.

The NFL’s next-richest is Cowboys owner Jerry Jones, with an estimated net worth of $8.9 billion.

Following Jones is Rams owner Stan Kroenke, who has dropped down to “only” $8.2 billion, with Forbes estimating he has lost 18 percent of his wealth in the last year.

Next among the NFL’s richest owners are Jacksonville’s Shahid Khan ($8 billion), Miami’s Stephen Ross ($7 billion), New England’s Robert Kraft ($6.9 billion) and Atlanta’s Arthur Blank ($6.2 billion).

All of the NFL’s owners combined aren’t as rich as Jeff Bezos, who is listed as the world’s richest person at $177 billion.

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The super-rich are cooling on buying yachts—and the bad image of russian oligarchs may be to blame.

The yacht industry was considered by analysts to be invincible, because its customers are too wealthy to be bothered by inconveniences like inflation and recessions. Moreover, the number of people who can afford yachts, ultra-high-net-worth-individuals worth over $50 million, are growing. In 2022, Credit Suisse predicted that the global population of individuals wealthy enough to buy yachts would grow by 121,000 over the next five years to 385,000.

And yet, the yacht industry hasn’t been doing very well lately. The percentage of super rich who own yachts has been declining since 2017, indicating that new members of the $50 million+ club may be blasé about splurging on a palace at sea.

Russia’s 2022 invasion of Ukraine may be partly to blame, according to a research note by Berenberg Bank, as chronicled in the Financial Times on Thursday. Now, when the megarich think about purchasing a yacht, they have to weigh the possibility of creating an optics problem for themselves.

“The beginning of the conflict in Ukraine has led to a decline in yacht order intake since Q2 2022, with UHNWIs taking a cautious approach and postponing orders,” Berenberg wrote, using the acronym for ultra-high-net-worth-individuals worth over $50 million. “Since then, the listed luxury yacht manufacturers have suffered from a lower level of interest from the financial community, linked to the perception that yachting is significantly exposed to Russian clientele.”

Berenberg did not provide the data for the exact decline in sales. However, the percentage of ultra-wealthy people with yachts, according to Berenberg, peaked in 2014 at 3.6%, and tumbled to 2% in 2021, the most recent year for which numbers are available. The decline shows that the shift in yacht buying habits of the rich and famous is a long-term trend that preceded the Ukrainian invasion, which started in 2022.

North America is home to the most people with over $50 million at around 145,000, followed by Europe at around 41,000 and China at 35,000. As of 2021, America’s ultra wealthy owned 25% of the world’s yachts, but the vessels are most closely associated with Russia, despite only 9% of yachts being Russian-owned. This’s because yachts are synonymous with the Russian oligarch lifestyle. Russians own some of the world’s largest and most expensive yachts, with Vladimir Putin’s reported to cost up to $700 million. The world’s largest yacht by gross tonnage, worth about $800 million, is owned by Russian oligarch Alisher Usmanov, and comes with an indoor pool, a helicopter and two helipads, and a 96-person crew.

They are a status and political symbol in Russia that other global billionaires—even ones from other countries—may now be wary of owning.

"You have to have a yacht, otherwise you're not an oligarch," Anders Åslund, author of Russia's Crony Capitalism , told Insider . "It's a very status-conscious group."

The link between yachts and the Russian oligarchy, specifically in relation to the war in Ukraine, came to a head when, in 2022, Western countries sanctioned Russian billionaires deemed close to the Kremlin and seized their yachts. Although authorities also confiscated mansions, bank accounts, and private jets, it was the yachts that made for the juiciest headlines—helped by photos of the opulent floating castles. Over 400 Russian yachts were put on the sanction list, although the vast majority of them were never seized because they were untraceable or had already been moved from countries where they risked seizure.

Of course, the recent decline in yacht sales, as described by Berenberg, also coincides with economic turmoil created by rising interest rates and amid fears of recession. A regional banking crisis in the U.S. along with some upheaval in Switzerland have added to the uncertainty. Berenberg noted that the recent yacht sales decline could be attributed to wealthy people not wanting to make big ticket purchases amid a weak economy.

Still, the mix of yachts sold are increasingly leaning towards bigger vessels. Smaller yachts, which can go for a measly few hundred thousand dollars, are expected to become a smaller percentage. Called composite yachts, they made up 67% of the market in 2016, but are projected to shrink to 52% of it. However, the amount of money spent on them is expected to grow 51% to $7.4 billion by 2026. Meanwhile, Berenberg predicted that the market share of super yachts—which cost more than $30 million for their custom designs and often steel hulls instead of fiberglass—would grow by 14.2% to $3 billion in 2026, making up nearly 21% of the market compared to 17% in 2021.

This story was originally featured on Fortune.com

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Banker celebrates creating his own $20billlion company by buying and TEARING DOWN the $43million Hamptons mansion of his former Goldman Sachs boss who refused to promote him

• David Tepper bought the ocean-facing property in 2010 from former Goldman Sach's CEO John Corzine’s ex-wife
• The following summer, he razed the summer home to the ground to make way for a mansion almost twice the size
• Five years later, Tepper's 11,268-square-foot mansion is complete, boasting a large pool, hot tub and tennis courts 

By Khaleda Rahman For Dailymail.com

Published: 19:43 EDT, 22 September 2015 | Updated: 07:56 EDT, 23 September 2015

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A hedge fund billionaire bought his former boss’s Hamptons summer home for more than $40million and then tore it down to make room for a mansion twice its size. 

David Tepper bought the ocean-facing property in Sagaponack, New York , in 2010 from John Corzine’s ex-wife. He paid $43.5million for Corzine’s former summer getaway – making it the most expensive home in the Hamptons at the time. 

The following summer, he razed the 6,165 square foot home to the ground in order to build a completely new and much larger mansion. 

Now, five years later, Tepper’s renovation is finally finished, and the sprawling estate boasts a large pool and tennis court on site as well as a spectacular ocean view. 

Scroll down for video 

David Tepper bought his former boss's ocean-facing property in Sagaponack, New York, in 2010, and tore it down to build a much bigger mansion (pictured above, Tepper's completed Hamptons home)

Tepper paid $43.5million in 2010 for former Goldman Sachs CEO John Corzine's former summer home and a year later, razed the property to the ground to build a larger mansion (pictured, the estate in 2012)

Tepper reportedly decided to tear down the existing property to build a bigger one with larger windows as a dune prevented him from enjoying sunset views in every room 

Plus, Cooper Robertson Architects, who were commissioned to design the new home were instructed to ensure the view could be appreciated from every room of Tepper's 11,268 square foot mansion.

Tepper had been annoyed by a dune in front of the property, which prevented him from enjoying the sunset in whichever room he wanted, Curbed Hamptons reported.

His new mansion boasts a large balcony featuring an extravagant dining area and hot tub as well as another rooftop terrace perfect for entertaining guests during the summer.  

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Tepper left Goldman Sachs to set up his hedge fund Appaloosa when Corzine, who was CEO at the time, decided not to promote Tepper to partner. 

Appaloosa now boasts about $20billion in assets under management, according to Business Insider. 

Speaking about his renovation plans to New York magazine in 2010, Tepper said: ‘You could say there was a little justice in the world.’

See all the latest pictures, news and stories from New York 

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The frame of the new mansion was built by around June in 2012, showing exactly how large Tepper intended the new home to be

In an image from about January 2013, works had begun on building the pool and tennis courts and the home itself was nearing completion

Here, a picture from March last year shows the 11,268-square-foot mansion is complete with only finishing touches to the estate needed

In a recent aerial shot, the sprawling Southampton estate is seen in all its glory, boasting a huge pool as well as a hot tub on the balcony

David Tepper (pictured left) quit Goldman Sachs to set up his own hedge fund, now worth $20 billion, after then-CEO John Corzine (right) passed him over for partner

Share or comment on this article: Banker David Tepper buys and TEARS DOWN old boss's $40m Hamptons mansion

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NFL agents dish on best (and worst) franchise, Mahomes’ value and Dak’s next deal

NFL agents primarily exist in the shadows while supporting their clients. They also have a pulse on the present and future of many league matters.

The Athletic spoke with 31 representatives for our sixth annual NFL agent survey . This diverse group, including returning and fresh participants, guides All-Pro selections, franchise quarterbacks, first-round picks and roster hopefuls through the NFL’s transactional process. Now, they assist our audience with informed views on weighty and headline topics.

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The agents were granted anonymity to protect themselves and their clients while providing candid assessments this summer on Dak Prescott and the Dallas Cowboys’ offseason, the soaring wide receiver market and general managers with an eye for talent. They discussed the Atlanta Falcons’ quarterback plan, Patrick Mahomes’ money, unstable organizations and ways to improve the league.

As stories around the NFL developed, participants received follow-up calls or new questions.

Organizations

• “ 49ers . The way they treat people and don’t skimp on expenses. Highly professional.”

• “49ers. You have to fit within their culture, but they allow players and employees to be themselves, and they win even while getting the staff poached by other teams every year.”

• “ Eagles . Every year, free agents want to go there. They reward players, and (GM) Howie (Roseman) nails the draft.”

• “This is easy. Eagles. What an organized group with football and front-office business. Every year, they are on top of their game.”

• “The Chiefs deal with so much, good and bad, and yet keep winning. Hall of Fame coach and GM, QB, tight end and ownership.”

• “ Green Bay has an excellent front office, starting with (GM Brian) Gutekunst, and they rebuilt the team on the fly after the Aaron Rodgers trade without mortgaging the future. I’m unsure if their different ownership structure helps, but they have a good plan and staff every year. Players like it there, small market or not.”

• “ Miami ranked first in the NFLPA report cards . That says plenty.”

• “This is easy. The Ravens win and have a family-organization approach. They have the best talent evaluators in football, and John Harbaugh is a stud.”

• “ Steelers . What a consistent, traditional franchise. There’s no bull crap, and they win relatively consistently.”

• “ Vikings . Great facilities. They do all the little things for the players and their families and handle relationships with class.”

• “ Panthers . Organizational stability comes from the owner, and the front office needs more time than the owner (David Tepper) gives. A strong QB can keep a team viable regardless of the front office, but what’s the plan?”

• “Panthers. I think the headline for this section should be that for the first time in my career, most NFL organizations are relatively competent. I can only think of a few that aren’t run well, starting with Carolina because of Tepper’s involvement. They didn’t get a big haul in the Brian Burns trade , either.”

• “ Raiders . The owner (Mark Davis) frequently makes significant changes. He put Josh McDaniels and Dave Ziegler in charge and fired them after less than two seasons. Now, the Raiders have an inexperienced coach in Antonio Pierce and a retread GM hire in Tom Telesco. Organizations start at the top, and Davis doesn’t provide stability.”

• “Raiders. Traditional choices in this category, like Washington and Arizona , have improved or appear headed in a good direction. Vegas keeps making changes and now finds itself without an apparent quarterback of the future or legitimate starter when it needed one following last season.”

• “Cardinals. The Kyler Murray extension is why they are stuck. Why give Kyler that extension and quickly fire the head coach who wanted him and the GM who drafted him? You can’t fire the QB.”

• “ Cowboys . I don’t think they want to win above all. Jerry (Jones) wants to turn profits and make headlines. I think the game has passed him by.”

• “ Jets . There is complete disarray over there. Look at how they’ve handled Aaron Rodgers. Has one player had more power than him? He skipped minicamp. They have been unable to convert him into a team player. The vibe inside the building is terrible.”

• “ Broncos . There’s dysfunction between the GM and the coach over who is calling the shots. Somehow (Sean) Payton has wrestled control from George Paton.”

• “Commanders. The front office and coaching needed seismic changes. They were wise in free agency and drafted a quarterback ( Jayden Daniels ) at two. I do not see immediate success, but adding the required building blocks has begun.”

• “Dan Quinn is the perfect hire as head coach for the needed culture change. I love the pairing with (GM Adam) Peters. They have so much work to do beyond football.”

• “Look what the Texans did in free agency. They kept OC Bobby Slowik. That helps C.J. Stroud , as does signing Joe Mixon and trading for Stefon Diggs . … Nick Caserio might be the best and most underrated GM.”

• “ Bears . The momentum started with last year’s trade and extension for Montez Sweat . They made a call on Justin Fields ’ future with the organization. Then they drafted Caleb Williams and gave him a receiver with Rome Odunze . The momentum continues.”

• “Chargers. Hiring Jim Harbaugh was the best move made by any team. The new GM, Joe Hortiz, is very good, and they start with Justin Herbert at quarterback.”

• “Eagles. They locked up DeVonta Smith before the receiver market took off. Then, they extended A.J. Brown . Oh, and they signed Saquon Barkley . They helped the defense with coordinator Vic Fangio and used their first two picks on corners to help an older room.”

Quarterbacks

• “No. The Cowboys got themselves into a mess. That’s what happens when the owner gets too involved and becomes friends with the players. I wouldn’t pay Dak $60 million per year, and they can’t make all three guys ( Micah Parsons , CeeDee Lamb ) the highest paid at their respective positions.” ( Lamb recently signed a four-year, $136 million deal that made him the second-highest paid receiver behind Justin Jefferson .)

• “No. The Cowboys want to play it out and are willing to pay the price if wrong.”

• “Yes. I can’t imagine Jerry letting him go .”

• “Hold the line. Once you start paying guys that crazy money, they effectively own part of a team. You can get a $5 million QB and win eight games. Maybe Jerry is getting hip to that reality.”

Should the Cowboys pay Dak Prescott? Maybe, but there’s a number they shouldn’t go above

• “The issue is whether Dak is a top-five QB. He was in the regular season, but is he a difference-maker? I think Dallas is doing right by seeing what he’s worth.”

• “The Cowboys don’t have any hierarchy. Always a day late and a dollar short in free agency. You have to go through 30 layers of bureaucratic process to get anything done — and you know why.”

• “Yes, but I would love to see him hit free agency to see how the leverage plays out for that level of quarterback.”

• “Pay Dak and make him the game’s highest-paid QB — if he helps the Cowboys reach or win a Super Bowl this season.”

Notes: In 2020, Mahomes signed a 10-year contract that still includes the most significant total value ($450 million) among all players. However, the $45 million annual average value (AAV) is behind Joe Burrow , Trevor Lawrence and Jordan Love ’s high  of $55 million and tied for 11th among quarterbacks. Mahomes restructured his contract in March to help the Chiefs create salary-cap space.

• “$100 million per year guaranteed over five years. That’s probably low. Mahomes is the ultimate difference-maker. Eighteen teams would pay that now.”

• “Dak has a shot at $60 million, so Mahomes would get at least $70 million AAV. Another 10-year contract with open bidding might get him close to a billion overall. He’d be the NFL’s Shohei Ohtani. One of one.”

• “Five years, $300 million ($60 million AAV) with a $298.5 million guarantee. As great as he is, you can’t decimate your roster because of one guy. Contract terms will always be a function of the salary cap and how your numbers fit within.”

• “Start at $70 million annually and go from there, even if that means part ownership somehow.”

• “I get why Burrow got paid. He’s special. But QBs like Lawrence, Jalen Hurts and Lamar Jackson make more annually than Mahomes. That is ridiculous.”

• “He’s already shown what matters most with his last contract: winning. Mahomes took more years and less money than if he pushed his leverage because I think he likes winning that much and wants cap space to build a winning roster rather than chasing every dollar.”

• “$100 million. To a billionaire, this is peanuts. You can alter contracts later anyway.”

Assess the Falcons’ QB situation after they signed Kirk Cousins to a four-year, $180 million contract — $100 million guaranteed — only to draft his future replacement, Michael Penix Jr. , with the eighth overall pick.

• “It’s so weird. I understand (Cousins’ agent, Mike) McCartney’s reaction. You convinced me and my guy that you would build a superstar team. I don’t want to be critical of the Falcons , but the last thing you need is to draft a backup quarterback that might put undue pressure on Kirk.”

• “This is a brutal situation for Penix’s agent. We’re all saying he sits for two years, but who knows if Cousins’ play will warrant a change? However, I believe in what the Packers do with sitting young quarterbacks. Penix will get a chance. For the Cousins side, hands are tied.”

• “I think Penix is a stud, and Kirk is coming off a significant injury and not getting any younger. It makes sense that if Kirk gives Atlanta three good years, jump in with Penix at 27, entering his prime years.”

• “Cousins hasn’t built any win equity with the fan base. That’s very different from the Packers selecting Aaron Rodgers to play behind Brett Favre. A slow start may mean calls for Penix begin.”

• “The Falcons had the chance to take the No. 1 defensive player for a team that needs pass-rush help, but they instead took a guy who they say might not play for two to three years. If you want to target a young quarterback in the third or fourth round, that’s OK.”

• “If you’re going to use the eighth pick on a quarterback who’s going to sit, why not take a flier on Justin Fields ?”

• “I wasn’t as upset about the Penix choice as others. Then they land (Matthew) Judon and (Justin) Simmons . The defense needed a pass rusher and better talent. That and likely breakout years for some offensive weapons should have them keep the doubters in check. I like what they did.”

General managers and front-office leaders

• “(John) Schneider. He’s a football guy and an outstanding talent evaluator with conviction about how to run a program. Good communicator.”

• “Schneider is the GM, the best talent evaluator and very respected. Look at the front-office staffers hired away from Seattle by other teams — there is more to come. John hasn’t changed since he was a scout and avoids changing his evaluation methods for trendy takes.”

• “Mahomes drives Kansas City’s success, but with input from Andy Reid, (Brett) Veach and the front office find other pieces to keep this train cruising.”

• “Gutekunst sticks to his instincts instead of partaking in groupthink. He will listen to his staff. The Packers have a sound system.”

• “Peters might be a curious choice since he just got a GM job , but look at his time with the 49ers and the start with Washington . They’ve already done an excellent job flipping around the scouting department. Just having a scouting structure is something that Washington hasn’t had for about 20 years. … No GM is the sole evaluator of a team.”

• “(Eric) DeCosta. The Ravens know what they are doing when identifying talent in free agency and the draft. They know what they are looking for.”

• “(Nolan) Teasley sees the board differently than others. He can blend analytics and the tape for a full picture.”

Previous winners: Chris Ballard took the honors four consecutive years (2019 to 2022) before Roseman, Schneider and Veach split first place in 2023.

• “Wolf has been my rising GM candidate for years: super professional, great communicator and no sugar coating.”

• “Veach. He’s accurate and honest. His ego is checked at the door. Look at the rings.”

• “The Texans crushed the offseason after reaching the playoffs, and Caserio remains so underrated as a leader and thinker.”

• “Omar Khan and (Steelers assistant GM) Andy Weidl are a deadly combo. They are the best.”

Previous winners: Ballard (2020), Paton (2021) and Brandon Beane (2022) won the first three years, with Beane and Khan sharing the honors in 2023.

• “Veach. The Chiefs can lose a star player and then find a replacement in the first 3-4 rounds better than most.”

• “With Veach running the front office, the Chiefs do an amazing job of restacking (the roster) and getting rid of people who might poison the well.”

• “(Brad) Holmes. He and his staff have done a great job of evaluating on every level. Several of his moves were questioned in real time, whether taking on Jared Goff ’s contract as part of the Matthew Stafford trade, hiring Dan Campbell as head coach or drafting a running back among the top-12 picks. Whatever the criticism, Holmes stayed the course.”

• “Howie (Roseman) is very competitive and aggressive. He pays players early and manipulates the draft better than anyone.”

• “Schneider is a man of great character. He communicates well, is a heck of an evaluator and is a leader. He tries to work out situations with the player and agent.”

• “Ballard. We’re at 25 years of him telling me months in advance which dudes without draftable grades will get selected by Day 2.”

• “Beane. He’s a strong talent evaluator and an honest person. He’s good to deal with for agents. He’s also forthright with the media and, most importantly, built winners.”

• “DeCosta doesn’t get caught up in needs. Their internal scouting finds help in every round. You can see how the league respects the Ravens’ staff because they hire Baltimore’s staffers away.”

Previous winners: Ballard (2021) and Roseman (2023).

• “ Ian Cunningham is a great talent evaluator . He’s fair with agents, not rigid. He comes off like he’s one of us, not some snob. Has an excellent demeanor for the top job.”

• “Cunningham is so level-headed that he finds young evaluators and thinkers to build up his staff.”

• “I can give several reasons for choosing Brandon Sosna. He is transparent and beyond intelligent. At a very young age, he has been a crucial figure in two organizations at a high level. He’s only 31 now. It’s a coup for Washington.”

• “Trey (Brown) is already receiving GM interviews. His time is coming. I learn something whenever I listen to him discuss the talent evaluation exercise.”

• “Depends on what you’re looking for, but Mike Greenberg is excellent with more of an operational than scouting background. Similar skill to Howie, and gets along with everyone.”

• “The general manager must have a firm grasp of money and talent and know how to deal with media and people. Not everyone can touch all those bases. Chris Shea does.”

Previous winners: Paton (2020), Peters (2021, 2022, 2023), Joe Schoen (2021) and Wolf (2021) are active general managers.

In the news

Justin jefferson’s contract reset the soaring wide receiver market. how do you project future wr spending, considering the nfl draft is annually flooded with receiving talent.

• “The wide receiver market has probably hit its peak for now. I’m not paying $35 million annually if I’m a team. I get why the Vikings paid Justin. He’s their best and most popular player. It’s easier to hold this stance if you have Mahomes or Burrow as quarterbacks, but I think there is a better use of allocation to build. These young receivers are coming into the league ready.”

Why Justin Jefferson's record-breaking Vikings extension was always in the cards

• “We’ve seen the running back bubble burst partly because the game has evolved with the usage and production of wide receivers. The receiver market is tied with the quarterbacks. There is no bubble bursting for either.”

• “ Ja’Marr Chase will try resetting the market next year. If I’m running a team, I spend money on the quarterback, offensive line, pass rushers and cornerback. I can get anyone to run routes.”

• “This isn’t like quarterbacks, where the next free agent to sign resets the market. CeeDee Lamb ( $34 million APY ) and Tyreek Hill signed extensions for at least $30 million this offseason. Great money, but both fell below Jefferson’s extension ($35 million). Jefferson is the best receiver and will remain the highest-paid for a bit. Maybe Chase matches, but I expect a softening overall.”

• “Has to pull back. The best wide receivers touch the ball 100-140 times, but an elite running back touches it 300 times. The Chiefs went light at receiver and won the Super Bowl. Having Travis Kelce and Mahomes helps, but …”

• “The league plays fantasy football now, and those guys appeal to fans. Be smart, but pay them.”

• “Watch Malik Nabers , Rome Odunze and Marvin Harrison Jr. this season. Receiver rookies are so mature as players when they come out now because of training and the seven-on-seven game. That will be felt in the market other than maybe 2-4 guys.”

49ers WR Brandon Aiyuk took his desire for a new contract extension public this summer. What advice do you give your clients when facing similar matters?

• “I’m a proponent of keeping negotiations quiet, but that isn’t always easy. I think (public displays) do more harm to a player than good.”

• “He’s handled it horribly, but sometimes you must take your grievances public. Silly, yes, but taking the team name or logo off social media accounts can cause a needed stir.”

• “If you have leverage, do what you want to do. You’re your own person. You can hurt the cause, but I don’t think (Aiyuk) is out of pocket with what he’s done.”

• “Every situation is different. In most cases, handling business behind the scenes with the club gives you a better chance of getting to your desired result. In some cases, though, if you’ve exhausted every other avenue, it can be worth trying to make the situation so uncomfortable for the club that they conclude that giving the player what he wants or moving the player is the best option for them. In this case, Aiyuk is loud and Trent Williams is handling things quietly. Whichever is rewarded by San Francisco is probably the strategy that good agents will employ with them moving forward.”

What were your thoughts on the “Hard Knocks” series about the New York Giants’ offseason?

• “I loved it. I know how it works, but seeing the business behind the scenes for the ordinary fan is very cool. The Schoen-Saquon talks. Pre-draft interviews with quarterbacks at the board. I was surprised the Giants were that open.”

• “It’s probably a choice the Giants regret. They revealed too much. This portrayal will be something other teams will consider in the future.”

• “I think Schoen is a good GM, but this made him and the organization look bad.”

Giants 'Hard Knocks' takeaways: Did the team reveal too much?

• “It was difficult to figure out the timing of how the events transpired, but it showed the inexact science that is free agency and talent evaluation. Beauty is truly in the eye of the beholder — and the series did not help the team!”

• “Embarrassing to the organization. It will easily justify mass firings when they go 4-13.”

• “It helps peel back the curtain on all of the dynamics and real human interaction that go into team decision-making during the offseason. It also shows how the pieces can fit together when evaluating the current roster, free agency and the draft.”

• “No. Players need some structure. Not all guys have the discipline to keep working out on their own. They still need some activity, team-building and training.”

• “This might be the NFLPA’s worst idea. Guys need breaks, especially if the sport increases to 18 regular-season games.”

• “I want players to have access inside the building for the entire offseason. The breaks do not help the developmental process, health or nutrition; many players need the daily structure. This is a big, big miss.”

‘It’s terrible’: Players, coaches, execs on the NFLPA’s proposal to reshape NFL offseason

• “Yes. My players would prefer everything together. It helps with continuity in their individual training and team chemistry. It is also tough with a choppy schedule to justify buying a home in another state if my client must go back and forth to Green Bay or Seattle.”

• “Whatever helps with fewer injuries. Teams also want to protect their assets, but not living in a city where your friends and family are can also be lonely and depressing.”

• “Not suitable for players. Horrible for coaches and staff with their quality of life.”

• “Yes. Rookies have an extended workout period from draft prep through the season. It’s gotten out of hand with how year-round football is.”

• “No. Camaraderie is essential. Think about how office interactions changed after the pandemic, with more people working from home. You want new employees — rookies— to interact with long-serving colleagues or veteran players.”

• “No. It is disingenuous for the NFL to pretend they care about these players and their health. Eighteen games, why not 20? More games mean more money and another yacht for the owner. I would benefit financially, but this is a no for me.”

• “Yes, if done correctly. We can’t play two games in five days or play around the globe without enough rest. Those aspects do not signify player safety.”

• “Yes, with an increase in bye weeks and roster sizes. Players already face short careers. This means more compensation for them and the league.”

• “No. It would mean more compensation for players, but (the likely outcome of) eliminating preseason games hurts lower-tier guys. There are already no live reps in training camp.”

• “No. The 17th-game discussion meant players had leverage for guaranteed money, lifetime health care or eliminating the funding rule. The NFLPA blew this. Eighteen games is too much for their bodies. The league needs to eliminate Thursday games in any situation.”

Pick up The Athletic 2024 Fantasy Football Guide to read expert evaluations & everything you need to know to win your fantasy football league.

Pick up The Athletic 2024 Fantasy Football Guide to read expert evaluations.

If given the power, what’s one change in the NFL universe you would make?

Note: Guaranteed salaries and eliminating the franchise tag were not options since agents overwhelmingly covet those scenarios.

• “College players should be allowed to enter the draft as a one-and-done.”

• “Here’s the way to make running backs more money: Eliminate the rule about players staying in college for a certain amount of time. Reduce the wear and tear before turning pro to avoid diluting the product, but also provide players with a shot at entering the league, getting paid and earning credits toward their pension.”

• “Add rounds to the draft.”

• “The undrafted free-agent process is broken. Teams making guys choose their future in minutes is wild. Have a time window for teams to submit offers and players to evaluate with their agents. The NFL can make this the fourth day of the draft. There are always some notable prospects and more content for everyone.”

Dollars and sense

• “Any three-years-or-less contract should be fully guaranteed.”

• “Shrink the length of rookie contracts so players can get to a second contract quicker.”

• “Change the rules regarding restricted free agents. Teams can tender a player without guaranteed money while tying him up in the marketplace and maintaining the right to remove the tender. The fix: guaranteeing some money if tendered.”

• “Place a cap on positional pay. Skyrocketing salaries hurt the rest of the team, and we will soon have a league of haves and have-nots.”

• “Separate salary bucket for quarterbacks. Let them get paid, but the extreme salaries are wrecking the overall cap.”

• “Every agent must charge the same fee. Some agents cannibalize the industry by buying into it with unreasonably low rates.”

• “Better benefits for our veterans and fewer credited years required.”

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• “Raise rosters to 60 players on game day. More players specializing in special teams would keep starters and critical reserves fresher.”

• “Only grass fields. The league talks about player safety, so start here.”

• “No preseason football. My lone reservation comes from Jerry Jones, who once told me that only a tiny percentage of people see a game in person. If they can attend a preseason game, that would be great. Otherwise, injuries and vanilla game planning make striking preseason games no loss. More joint practices fill the gap.”

• “The NFL needs its own developmental league and not just see what comes of the current feeder leagues. With an 18-game schedule, teams need bigger rosters.”

• “People upstairs have messed with the game because they want to score and to protect the quarterbacks. They now think offense drives ratings instead of good football drives ratings. Treat the quarterback the way you would other positions.”

• “Give the defense more of a fighting chance and return the physicality to the game.”

• “Offseason rules have hindered QB development. This isn’t for all players, but quarterbacks should be able to work with team coaches whenever they want.”

Health and safety

• “No bye week until at least Week 7, and then require two bye weeks overall.”

• “Change the medical staffing landscape. Longtime trainers feel like they are part of the team. Maybe rotate doctors and trainers to avoid creating loyalty issues.”

• “More latitude with how teams handle designation of non-football injuries.”

• “Mandate more year-round care with doctors, mental health specialists and other medical professionals to help these players get through this challenging job that most won’t have for long.”

(Top illustration: Dan Goldfarb / The Athletic : Photos of Jerry Jones, Patrick Mahomes and Justin Jefferson / Stephen Maturen, David Eulitt, Ryan Kang / Getty Images)

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Ben Standig is a senior NFL writer focused on the Washington Commanders for The Athletic. The native Washingtonian also hosts the "Standig Room Only" podcast. Ben has covered D.C. area sports since 2005 and is a three-time winner of The Huddle Report's annual NFL mock draft contest. Follow Ben on Twitter @ benstandig

David Tepper is reportedly buying a $73 million mansion in Palm Beach as Wall Street billionaires continue to flock to Florida

• Hedge fund billionaire David Tepper is reportedly buying a $73 million Palm Beach mansion.
• Tepper's reported purchase comes as Wall Street firms and executives are flocking to Florida.
• Silicon Valley investors and executives are also making the move, sending home prices soaring.

David Tepper is reportedly planning to buy a $73 million mansion in Palm Beach, the latest Wall Street billionaire to decamp to Florida. 

According to The Wall Street Journal's Katherine Clarke , Tepper is in contract to buy a 12,000-square-foot waterfront home, which is located directly next door to Palm Beach Country Club. The home's previous owners were granted permission to build the Bermuda-style mansion in October 2018.

A spokesperson for Tepper did not immediately respond to Insider's request for comment. 

Tepper is the founder of hedge fund Appaloosa Management and is worth $12.9 billion, according to Bloomberg's Billionaire's Index . After Tepper purchased the Carolina Panthers for $2.275 billion in 2018, he announced that he would begin returning money to Appaloosa's investors and convert the hedge fund into a family office in order to focus on the team. 

Appaloosa Management already has an office in Miami Beach, Florida, and Tepper owns a nearby condo, which he bought in 2017 for $10.7 million, according to the Journal. Still, his latest home purchase signals a commitment to South Florida at a time when Wall Street firms and their executives are heading south, lured by a low tax burden.

Related stories

Goldman Sachs is reportedly considering shifting its asset management division to Florida , Bloomberg reported in December, and the $41 billion hedge fund Elliott Management is planning to relocate to Florida as well. Private equity firm Blackstone is opening a new Miami office, and the hedge fund Citadel and law firm Baker McKenzie are planning to set up shop in Florida too. 

Wall Street luminaries like Carl Icahn and Charles Schwab have also relocated from New York to Florida, and in January, hedge-fund billionaire Dan Loeb purchased a mansion in Miami Beach for $20 million . The seven-bedroom waterfront home features amenities such as a home theater, a private boat dock, and separate guest quarters. 

The migration is being echoed in the tech industry as well. Tech billionaire Peter Thiel recently purchased an $18 million Miami compound on a manmade island and Shutterstock billionaire Jon Oringer  paid $42 million for a sprawling Miami Beach mansion in October. Prolific investor Keith Rabois has also been outspoken about moving to Miami, citing low taxes as well as ideological diversity as his reasons for moving. 

The influx of wealthy executives is sending South Florida home prices soaring : According to data from real estate firm Douglas Elliman, the median home sale price in Palm Beach shot up to $4.9 million by the end of 2020, an increase of 29% from the year earlier.

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Billionaire David Tepper's Next Play: Private Equity With A Side Of Sports

July 13, 2021 • Miles Weiss

The firm, Andalusian Private Capital, was co-founded by one of Tepper’s most trusted executives—Jeffrey Kaplan, a former Merrill Lynch mergers head who helped his one-time boss make the record-setting $2.3 billion acquisition of the National Football League’s Carolina Panthers.

Andalusian, with about $800 million in assets, will invest on behalf of Tepper and more than 10 family offices who are banding together to do their own transactions rather than committing capital to private equity firms. Family offices have been adopting this approach because they believe big buyout firms are increasingly prioritizing asset growth over returns, according to Elizabeth Weymouth, the founder of Grafine Partners.

“They really want to get closer to the source of alpha rather than being walled off from the action in a traditional private equity fund,” said Weymouth, who was speaking in general terms, based on her firm’s specialty of investing in individual buyouts on behalf of wealthy investors, endowments and sovereign wealth funds. “These investors want more control, they want more flexibility in holding periods, and they want superior returns.”

A spokesman for Tepper’s hedge fund firm, Appaloosa Management, declined to comment. Tepper didn’t return calls or emails.

Tepper has backed other Appaloosa executives and portfolio managers who have gone on to form their own fund companies, including Eric Cole, Matthew Knauer and Drew Casino. His arrangement with Kaplan is no different, the person familiar with Tepper’s thinking said.

Passive Role While Tepper won’t be involved day-to-day in Andalusian, it bears his imprimatur. The firm is located in the same Short Hills, New Jersey, office building that has housed Appaloosa for decades and also uses an equine-related name—a practice that Tepper, 63, adopted in founding his own firm and several of its main funds, including Palomino and Azteca Partners.

Tepper was listed as a co-founder of Andalusian, along with Kaplan and Vice Chairman Nicholas Savasta, in an April filing with the U.S. Securities and Exchange Commission. Earlier this month, the firm revised the filing to say that Kaplan and Savasta launched the company last year “with its founding investor, David Tepper.”

Tepper will have a strictly passive role, said the person, who asked not to be identified discussing private matters.

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David Tepper: 10 Things You Didn’t Know

People are usually more interested in the lives of celebrities like actors, musicians, and athletes than hedge fund managers. This is not surprising, as the work of investors is complicated and somewhat dull. However, these individuals have the ability to earn enormous sums of money if they invest wisely. With such great wealth comes power, influence, and freedom, making their lives incredibly interesting.

One of the most successful figures in the investment industry today is David Tepper. He founded and operates his own hedge fund which has earned him billions of dollars. His career is long and storied, with many unexpected developments. What is most interesting about Tepper, however, is how he has used his great wealth to benefit others.

Although he is one of the richest people in the US, few people know about Tepper. Even those that do focus on his work. While this is understandable, it obscures his amazing life. In order to provide a better perspective of how billionaires live, here are ten of the most interesting facts about the talented and wildly successful hedge fund manager David Tepper.

10. His first two investments did not pan out

Although Tepper is viewed today as an authority in the investment game, his first taste of investing was not a success. However, this may be due to the fact that his first investments were purchased for him by his father. These investments, in Pennsylvania Engineering Co. and Career Academies, both ended up going bankrupt. Luckily, Tepper was not deterred by this initial failure, and quickly found success with subsequent investments.

9. He is well educated

Although billionaire drop-outs like Mark Zuckerberg capture the imagination of thousands of young people who dream of starting the next Facebook so that they need not finish university, Tepper is an example of the benefits of education. He earned his Bachelor of Arts in Economics from the University of Pittsburgh and then went on to earn a Masters in Industrial Administration from Carnegie Mellon University. Clearly, education was one of the best investments that Tepper has ever made, as it prepared him for the storied career that he would later enjoy.

8. He left Goldman Sachs to form his own company

For most aspiring investors, working with Goldman Sachs is no more than a dream. It is one of the largest and most prestigious financial companies in the world, with assets reaching into the hundreds of billions of dollars. Not only did Tepper work for this company, he was actually recruited.

However, after working for Goldman Sachs as one of its head traders for about eight years, Tepper decided that he needed more control over his work. He left the company and founded his own hedge fund called Appaloosa Management in 1993. This company has seen remarkable success, famously performing well during the crash of 2008.

7. He loves being involved in his children’s lives

One of the most common stereotypes that comes to mind when thinking of a billionaire is that of the father who is more concerned with work than family. With Tepper, this is simply not the case. Despite his massive success, he devotes a great deal of time to helping out with his kids’ sports, even volunteering as a coach. He has three children, Brian, Randi, and Casey. It is heartwarming to see that the highest levels of financial success can be achieved without sacrificing one’s love for family.

6. He has a great sense of humor

While undoubtedly one of the hardest working and most brilliant investors in the world, Tepper also takes time to make his employees laugh. One famous example of this is the pair of brass testicles that he keeps on his desk. He rubs this unorthodox ornament to make others laugh, putting them at ease while they work. The object was apparently given to Tepper as a gift from former employees. While this is a silly fact about the investor’s life, it shows that he is both a man with a great sense of humor and someone who had an excellent relationship with his co-workers.

5. His marriage ended after many years

Unfortunately, not every aspect of the billionaire’s life is perfect. Despite his enormous wealth, or perhaps because of it, Tepper and his wife ended their marriage of nearly 30 years. David and Marlene Tepper were married in 1986, and enjoyed several decades of marriage, having three children together. Ultimately, however, the two separated in 2014. Although this is unfortunate, at least both parties certainly will not suffer financially because of the ordeal.

4. David Tepper Net Worth

While the net worth of actors and other stars is an interesting side note, for investors like Tepper, it is one of the primary indicators of success. Tepper has amassed an incredible fortune, with his most current net worth being estimated at about $11.4 billion. This staggering fortune makes him one of the richest individuals in the country. He has earned the majority of his wealth through investing in distressed companies.

3. He is a part owner of the Pittsburgh Steelers

Tepper was born and raised in Pittsburgh, Pennsylvania. Short of actually playing for the team, his wealth provided him with the opportunity to experience what most people only dream about, owning the Pittsburgh Steelers of the NFL. He is a minority owner of the team, having purchased a 5% stake in 2009. It is one of the most incredible aspects of his career, as he was able to combine his passion for his hometown team with his shrewd financial sense.

2. He has given a great deal of money to charity

Billionaires are usually self-made, meaning they have earned their incredible wealth through hard work and talent. However, possessing such great wealth in a time when so many people are suffering means that they often feel a responsibility to help those in need. Tepper has made good on his duty to others, donating millions to charity.

Having seen the incredible benefits of his own education, a great deal of his donated money is directed towards improving the education of others. On two separate occasions, he has donated over $50 million to Carnegie Mellon. In addition, he has funded several scholarships at the University of Pittsburgh and founded a non-profit organization named Better Education for Kids to improve education in New Jersey.

1. He has been named the top investor in the country

Although his incredible personal wealth is an indication of just how successful Tepper is, few people realize that he has actually been the single most successful investor in the country at several points in his career.

In 2009, the New York Times reported that Tepper was the country’s highest-earning hedge fund manager. This feat was repeated in 2012, when Forbes ranked him as the top earner for 2012. His success has earned him several awards and has placed him in a lofty category as one of the most successful figures in the investment world.

Garrett by trade is a personal finance freelance writer and journalist. With over 10 years experience he's covered businesses, CEOs, and investments. However he does like to take on other topics involving some of his personal interests like automobiles, future technologies, and anything else that could change the world.

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David Geffen’s Yacht Is So Impressive Even Oprah Had to Pay a Visit to It

David Geffen’s yacht represents just a fraction of his net worth. Get the details on what Geffen's yacht is worth and the celebs who visit it.

Feb. 17 2023, Updated 10:36 a.m. ET

How much is David Geffen's yacht worth?

What is david geffen's net worth, what does the david geffen foundation do, what is david geffen's political affiliation has supported democrats in the past..

The documentary Inventing David Geffen , which aired on PBS in 2012 as part of the American Masters series, hit Netflix on Aug. 4, 2021. This gave those who missed out on PBS' documentary a second chance at getting to know media mogul David Geffen a bit better.

While much about him was revealed, viewers weren't exposed to the billionaire’s indulgences, including his mega yacht , Rising Sun .

Despite being “notoriously press and camera-shy," as PBS described him in a past press release , Geffen, who "helped shape American popular culture for the past four decades," wasn't concerned about the attention his yacht drew to him and his lavish lifestyle.

Seeing that Netflix 's documentary didn't disclose details on Geffen's yacht, including what it's worth, we decided to do a little research. Here's what we found out.

Geffen’s yacht, the Rising Sun , practically became a symbol of the COVID-era class divide in 2020. Geffen previously shared an Instagram post saying that he was “isolated in the Grenadines avoiding the virus” aboard the $590-million vessel. As social media users called out the “tone-deaf” post , Geffen made his Instagram account private, according to W Magazine .

How David Geffen's yacht photos became a "status thing" in Hollywood https://t.co/MDOGVdhT7K pic.twitter.com/dSfmJgUhYS — The Hollywood Reporter (@THR) August 23, 2019

The previous summer, the Rising Sun — which Geffen purchased from Oracle billionaire Larry Ellison in 2010 — hosted Oprah Winfrey , Gayle King, Katy Perry, Orlando Bloom, Chris Rock, Karlie Kloss, and Amazon founder Jeff Bezos , among other celebrities, according to The Hollywood Reporter .

“There’s a reason the most powerful people in the world show up,” an industry source told the magazine. “It is the most coveted, most exclusive, and most unbelievable vacation experience ever.”

Katherine Farley (left), David Geffen (middle) and Deborah Borda (right) attend as Lincoln Center.

According to Forbes , Geffen currently has $7.7 billion to his name. Geffen made his fortune as a founder of the record labels Asylum Records, Geffen Records, and DGC Records, as well as the film studio DreamWorks.

His net worth also got a boost in February 2020 when he sold the famed Jack Warner estate in Beverly Hills, Calif., to Bezos for a record $165 million.

Although Geffen like indulge in the finer things in life (who doesn't), he's also an active philanthropist and is the founder of the David Geffen Foundation.

According to Inside Philanthropy , Geffen’s self-named charitable foundation – the David Geffen Foundation, has assets of about $400 million as of August 2021 and “engages in a broad range of grantmaking areas, including human rights, women and girls, LGBTQ causes, disease research, arts and culture, criminal justice reform, civic engagement and democracy, and Jewish causes.”

In a 2007 New York Times interview , Geffen spoke out against Bill and Hillary Clinton as he threw his support behind Barack Obama for the 2008 Democratic presidential nomination. “Everybody in politics lies, but [the Clintons] do it with such ease, it’s troubling,” he told the newspaper.

In 2016, as Hillary competed against Bernie Sanders for the Democratic presidential nomination, Geffen donated $2,700 to each candidate. “I’m not supporting anybody,” he said in an email to The Wall Street Journal .

In 2019, Geffen supported Democrat Pete Buttigieg’s 2020 presidential campaign alongside Barry Diller, Reed Hastings, Jonathan Gray, and other billionaires, according to Forbes .

Ken Griffin's Hedge Fund Breaks Record — How Much Is the CEO Worth?

Hedge Fund Billionaire David Tepper Is Leaning Short on Equities

MacKenzie Scott Has Donated Billions — Six Times More Than Ex-Husband Jeff Bezos

Latest Billionaires News and Updates

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