The Real Deal Miami

Billionaire Lindemann takes out $19M loan on Palm Beach estate

The Lindemanns paid $23.5M for the beachfront property in 2008

April 06, 2016 04:30PM
By Katherine Kallergis

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1565 North Ocean Way in Palm Beach

1565 North Ocean Way in Palm Beach

Billionaire and pipeline CEO George Lindemann and his wife Frayda closed on a $19.1 million mortgage for their Palm Beach estate. 

County records show the Lindemanns took the loan out, due in April 2019, for the beachfront property at 1565 North Ocean Way, a 7,657-square-foot home with four bedrooms. Bank of America is the lender.

As of last year, Forbes reports that George Lindemann is worth $3.8 billion. He’s founder and CEO of Southern Union, a natural gas pipeline company, and also owns 19 Spanish-language radio stations. Frayda Lindemann is vice president of the Metropolitan Opera board. Property records show they paid $23.5 million for the 3.4-acre estate in 2008. It includes a pool, fountain, patio and tennis courts, as well as beach access.

The 1937-home also belonged to developer Pat Carney, who paid $15 million for it in 2006 only to flip it two years later for a $8.5 million more.

The Lindemanns’ immediate neighbors include insurance executive Arthur L. Williams Jr. and Kenneth Tropin, an investment manager.