In 2016, when David Tepper moved his home and business to Florida, he set off alarms with lawmakers at his prior home state of New Jersey: He and his business pay so much in state tax that his departure put New Jersey's budget at risk. In 2020, New Jersey lawmakers announced that Mr. Tepper had returned, shoring up the state's finances.
Those alarms may start sounding again: Mr. Tepper is planting another flag in Florida soil. The billionaire hedge-fund manager and owner of the Carolina Panthers football team is in contract to buy a roughly $73 million mansion in Palm Beach, according to two people familiar with the deal.
It wasn't immediately clear whether Mr. Tepper and his family will make Florida their primary residence; his spokesman didn't respond to a request for comment. A call to New Jersey Senate President Steve Sweeney's office was not immediately returned.
If it closes, the deal would be the latest in a string of ultra-pricey transactions in Palm Beach. Earlier this week, The Wall Street Journal reported that an oceanfront property formerly owned by former President Donald Trump was in contract to sell to a New York buyer for close to $140 million, a record for the state.
In recent years, Florida has been growing increasingly popular with wealthy home buyers escaping higher New York taxes. Demand has only accelerated in the pandemic, as buyers search for better weather and larger homes, according to people familiar with the market.
The sellers of the Tepper home are longtime Palm Beach residents Patrick and Lillian Carney. The property, which wasn't publicly listed for sale, sits directly on the ocean and on the edge of the Palm Beach Country Club. The Carneys had approval to build a roughly 12,000-square-foot Bermuda-style house on the site, records show. They didn't respond to requests for comment.
Mr. Tepper is the founder of the hedge fund Appaloosa. He founded the firm in 1993 after repeatedly being passed over for partnership at Goldman Sachs, The Wall Street Journal has reported.
Records show Mr. Tepper still owns a condominium at the Ocean House condominium complex in Miami Beach, which he bought for $10.7 million in 2017.