The Real Deal Miami

Billionaire takes out $53.4M loan on Palm Beach mansion

Estate was sold off in pieces for $116M

May 14, 2015 02:15PM
By Sean Stewart-Muniz

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1300 South Ocean Boulevard and Paul Tudor Jones II

1300 South Ocean Boulevard and Paul Tudor Jones II

Two months after spending $71.2 million on a landmark oceanfront estate in Palm Beach, billionaire hedge funder Paul Tudor Jones II signed a $53.4 million mortgage for his new property, The Real Deal has learned.

The home was the last remaining piece of Casa Apava, a historic 11-acre site that was purchased by developer Dwight Schar in 2004 and sold off in chunks last year.

Schar and his wife Martha paid $85.6 million for the estate — including furnishings — along with three lakeside lots, according to the Palm Beach Post.

Now, the two have collected a whopping $116 million from selling it piecemeal. Buyers have ranged from homebuilder Mark Pulte to Las Vegas resort developer Steve Wynn.

The estate’s main lot, which Jones purchased, controls the lion’s share of the estate, measuring just more than 5 acres.

It houses a 26,000-square-foot mansion that was built in 1918, according to Palm Beach County property records. It has seven bedrooms, 18 bathrooms and 420 feet of ocean frontage.

Jones founded the Tudor Investment Corp. in 1980 and is now valued by Forbes to be worth $4.6 billion. Last month, he listed his waterfront home in the Florida Keys for $14 million.

Citibank granted the mortgage, according to Palm Beach County records.