Advertising mogul Jerry Della Femina has put his 7,000-square-foot East Hampton mansion on the market for $40 million, the New York Post reports.

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Della Femina, co-publisher of the weekly East Hampton Independent and owner of a restaurant named after himself, told the Post that he was looking to sell the oceanfront property at 20 Drew Lane "before [President] Obama decides to redistribute any more of my wealth."

Jerry Della Femina, Betsy McCaughey Ross and her husband, Wilbur Ross, at a Body Positive function at Della Femina's home in East Hampton. (May 22, 2003) AP photo