Howard Phipps, Jr. is a grandson of steel tycoon Henry Phipps. He's the retired Vice-Chairman of Bessemer Trust, a $75 billion asset manager owned by the Phipps family.
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The 32,548 sqft mansion, known as "Erchless", was built in 1935 for his father.
Links: en.wikipedia.org, www.oldlongisland.com