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South Florida

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

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.

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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.

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Palm Beach