Castle Calvin Crumbles

Calvin Klein has a funny way of cutting costs. Sure, he's chopping his Southampton McMansion down to half its size, but the demolition and rebuilding will cost the fashion icon $30 million, a pretty penny in these cash strapped times. Klein purchased the 50,000 square foot castle in 2003, but now intends to replace it with a sleek, modern 17,500 structure. His neighbors couldn't be happier. "We are delighted by the proposed demolition of our over-scaled and garish neighbor," wrote hotel mogul Ian Schrager in a letter to the Southampton Village Board of Historic Preservation and Architectural Review. The estate saw dramatic expansions during the 1980s when former owner Barry Trupin added thousands of square feet and installed curiosities like a fully stocked shark tank, prompting the local zoning board to dub the property "Disneyland on LSD".