Sagaponack's Rennert 52nd Richest in US

Climbing three spots, Sagaponack resident Ira Rennert was ranked 52nd on the 2012 list of the Forbes 400 Richest Americans this week.

The 78-year-old Brooklyn native's net worth of $6.5 billion also makes him the second-richest Long Islander, behind East Setauket's Jim Simons, at $11 billion.

Forbes reports that Rennert made his fortune in the junk bond market in the 1980s, and his current holdings include US Magnesium and Peruvian mining facility Doe Run Company.

Rennert reportedly paid the highest property taxes in the Hamptons in 2011, despite the fact Sagaponack has the lowest tax rate in New York State. For three years straight, Sagaponack has topped Bloomberg Businessweek's list of the most expensive small town's in America.

His estate on Daniels Lane is dubbed "Fairfield."

"Rennert's 43,000-square-foot home in Sagaponack, N.Y. is one of the largest dwellings in the nation, with 29 bedrooms and 39 baths," Forbes reports.

Learn more about Ira Rennert at Forbes.com.