Another Hamptons Buying Season! Hedge Fund King Nabs $19.95 M. Palace

New Yorkers with gobs and gobs of money can afford certain pleasures, like Mayan abdominal massages or pomegranate-tangerine juices or the occasional 9,000-square-foot East Hampton mansion.

And because the mammoth art collector and SAC Capital hedge-fund founder Steven A. Cohen is worth around $3 billion, he can afford any summerhouse his billionaire heart desires.

He’s chosen the 10-bedroom, two-acre estate at 96 Further Lane, listed for $19.95 million by Corcoran Group senior vice president Gary DePersia. The place was just finished by the Carlyle Group–funded Farrell Building Company, who sold Rudy and Judi Giuliani their $3.2 million Watermill place two years ago.

Mr. DePersia would not comment for this story. On the downside, Mr. Cohen’s new estate is a schlep from the water; on the upside, his schlepping will be on a short, private ocean-access pathway.

So why didn’t he buy something grander and older and smack on the sea? According to a source, Further Lane will be Mr. Cohen’s interim summer spot until he finds something a tad more spectacular on the ocean: “He didn’t want to rent, and this is what he bought.”

But what if he falls in love with the place? Its basement has a gym and wine cellar and media room and spa; his kitchen has a tin ceiling and two pantries (one for the butlers); the ocean-view master suite has a sitting room and fireplace and two balconies.

And, thankfully, the wood-paneled entry hall has double-height ceilings, so Mr. Cohen can hang some housewarming art there. For example: He has two paintings by the late East Hampton doodler Willem de Kooning (bought from David Geffen), which might look nice up next to his Pollock or Manet self-portrait.

Then there’s his formaldehyde-tanked Damien Hirst shark: It could go in the library, the heated and tiled three-car garage, the Har-Tru tennis court pavilion or the oversized Gunite pool.

Another Hamptons Buying Season! Hedge Fund King Nabs $19.95 M. Palace