Hedge-fund manager Steve Cohen of SAC Capital Advisors (above, at Time magazine's fete for him and the 99 other most influential people in the world) bought a new construction house--read: McMansion--from developer Joe Farrell on 2 acres of land on Further Lane in East Hampton for $19.95 million. Marilyn Clark of Sothebys Realty brokered the sale.

Cohen's primary residence is a 32,000-square-foot house on a 14-acre estate in Greenwich, Connecticut. It is filled with important art work including his recent purchase, Willem de Kooning's Police Gazette, which he bought from David Geffen for $63.5 million.

New York magazine pegs Cohen's personal net worth at $3 billion, and estimates that his fund manages $12 billion in assets.

by Deborah Schoeneman

Condé Nast Portfolio contributor Deborah Schoeneman, who is also editor in chief of Hampton Style, reports on executives in the Hamptons.