Richest Man In NJ Moves To Florida, Takes Short Hills Company With Him

New Jersey’s richest resident is moving to Florida.

The Garden State now has a fresh water cooler conversation to feed its fascination with the ultra-wealthy… Livingston’s David Tepper is no longer a New Jersey resident.

Tepper – a longtime Essex County resident whose net worth of $11.4 billion makes him the 85th richest man in the U.S.A. - is president and founder of Appaloosa Management, a hedge fund specializing in distressed debt that was formerly based in Short Hills.

• See related article: The Billionaires Club in New Jersey

But if public records are any indication, Tepper may have moved from New Jersey before ringing in New Year’s Day 2016.

The billionaire registered to vote in Florida last October - listing his residence as a Miami Beach condominium - and followed up in December by filing a court document declaring that he is now a resident of the state, Bloomberg Business reported Wednesday.

He also orchestrated a business reorganization on Jan. 1 that relocated his Appaloosa Management from Short Hills to Florida, Bloomberg stated.

The mantle of New Jersey’s wealthiest citizen now passes to Donald Newhouse, the 86-year-old co-owner of Advance Publications, the parent company of The Star-Ledger and dozens of other media outlets across the country, NJ.com reported.

WHY DID TEPPER MOVE?

Tepper’s relocation could save him hundreds of millions of dollars in state taxes within a few years, Bloomberg stated.

According to the report:

“Florida has been pitching itself as a warm-weather tax haven to hedge fund managers in the Northeast, some of whom face a 2017 deadline to pay taxes on billions of dollars in performance fees that they had kept offshore for years. A Florida residence could offer partial relief to New York and New Jersey money managers who face the prospect of surrendering at least half of the deferred money to federal, state and local taxes.”

While tax planning was a major factor in the move, it wasn’t the only one, a source told Bloomberg.

Family and quality-of-life considerations also played a role for Tepper, who recently separated from his wife in New Jersey.

His mother and sister both live in Florida, Bloomberg stated.

• See related article: Richest Man In N.J. Completes New Hamptons Home
• See related article: 4 Livingston Residents Rank On 'Wealthiest New Jerseyans' List

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