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Fashion designer Elie Tahari is listing his oceanfront home in Sagaponack for $45 million.

It’s the first time Mr. Tahari has listed the house for sale, according to listing agents Keith Green and Ann Ciardullo of Sotheby’s International Realty. A hedge fund manager paid close to $800,000 to live at the Crestview Lane property for the months of July and August, they said.

Mr….