Philip Johnson's Farney House May Meet the Wrecking Ball

The new owner of the Farney House in Sagaponack, which changed hands last year for $24 million, is applying to the Sagaponack Village Architectural & Historic Review Board to demolish the Philip Johnson-designed house.

Zachary Schreiber, the founder of the PointState Capital hedge fund, and wife Lori have hired Robert A.M. Stern Architects to design a replacement. Roger H. Seifter, a partner in the architectural firm, appeared before the review board Friday to begin making the case for demolition. The application was adjourned until the next meeting, April 18 at 9:30 a.m. at Sagaponack Village Hall.

According to a Brown Harris Stevens real estate listing, the house sits on 3.6 oceanfront acres. The home was originally guilt in 1945—four years before Johnson completed his iconic Glass House—and it has since been expanded in keeping with the original design. It has eight bedrooms and seven baths plus a swhamming pool, tennis court, basketball court and putting green.

The property borders Ira Rennert’s Fairfield estate, which is said to be the largest in-use single-family residence in the U.S.