The newspaper reported Sunday that the founder of Point72 Asset Management tore down his mansion in the Hamptons "several weeks ago" so he could build a new one. Cohen had paid $62.5 million for the 10,000-square-foot home, the Post said.
The Post also said, citing plans filed in East Hampton, that Cohen's new house will feature a 9,700-square-foot first floor, a 4,620-square-foot second floor and a pool house.
A spokesperson for Cohen declined CNBC's request for comment.
Cohen recently made real estate news after cutting the asking price for his Manhattan penthouse to $72 million — $43 million below its original 2013 listing.