Summetime, and the living's easy. (Corcoran/Newsday)

Tamir Sapir may have sold his mansion on Fifth Avenue's gold coast last summer, getting a whopping $44 million from Mexican mogul Carlos Slim, but this year he has found an equally impressive spread to call home for the hot months.

Mr. Sapir, the cabbie-turned-city-shaping-developer, is renting a huge compound in Southhampton that once belonged to another real estate power player, according to the Post.

The waterfront estate — two homes on a bluff with stairs to the beach — includes a pool, two spas overlooking the bay, a tennis court, two cabanas and a generator. The main house, a traditional shingle-style home, has 10 bedrooms and 7½ bathrooms.

The property, once owned by fellow New York real estate bigwig Andrew Farkas, was listed at $260,000 from Memorial Day through Labor Day. In the past, Sapir, who was born in the former Soviet republic of Georgia, spent summers on his yacht. Now, multiple Russian billionaires have been spotted on the way in and out of his rental.

It could be Mr. Sapir had to flee his float, having been busted two years ago for harboring exotic animals. Or it could be he has grown seasick, as Curbed revealed his "deteriorating condition" last August.

As for Mr. Farkas, The Observer broke the story about his purchase of the home seven years ago. He paid $5.4 million in 2004, and it was on the market last year for more than $9 million. Maybe he got tired of all the Russian billionaires hanging around.

mchaban [at] observer.com | @MC_NYC