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Hedge fund manager Richard Perry and his fashion-designer wife, Lisa Perry, live in a 17-room penthouse on Sutton Place. They're also big-time modern art collectors and home design obsessives. (Their Manhattan apartment earned a 10-page spread in Vogue a few years ago; in the Hamptons, they may own the only house that has a pool installed in its dining room.) But their art collection has landed the couple in a bit of trouble. The Perrys installed a green stainless-steel "diamond" sculpture by Jeff Koons, which they purchased for $2.3 million in 2005, on the terrace of their Manhattan pad. (A crane was required to put it there.) Not only do the couple's neighbors totally despise the piece ("I think it's as ugly as it comes," says one), some are now complaining that it's blinding them:

Neighbors who live across the street in a penthouse at 14 Sutton Place complained that the light reflecting off it was burning like lasers through their windows, and workmen had to adjust the diamond's positioning.

Rich hedge fund managers burning innocent people with giant laser beams? This can't be good news. Perry should be able to take some comfort in the fact that no matter what sort of damage he does with this giant weapo on his terrace, he has little chance of becoming the most despised member of his family. His uncle, former Bear Stearns CEO Jimmy Cayne, is going to be a tough guy to beat.

Richard Perry [Cityfile]