The Real Deal Miami

Bill Gates paid a total of $38M for an entire street in Wellington

Gates paid $2.5M for last piece of land, a plot that last sold for $104,000 in 1998

July 01, 2016 03:15PM
By Katherine Kallergis

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Mallet Hill Court and Bill Gates

Mallet Hill Court and Bill Gates

Billionaire Bill Gates now owns all of Mallet Hill Court, an equestrian enclave in Palm Beach County’s Wellington.

Gates bought the last remaining plot on what is now his street for $2.5 million, bringing his total to $38.4 million for the six properties. The Microsoft founder began buying in the gated community in 2013, when he paid $8.7 million for the 4.5-acre equestrian estate at 3155 Mallet Hill Court. His interest in the area was reportedly sparked by his daughter, Jennifer Gates, who is a noted equestrian.

Gates bought the properties through the Wellington Trust, which is managed by Robert Buote. Buote is known to represent the billionaire in his real estate buys across the country. Forbes pegs Gates’ current net worth at $76.4 billion.

Here’s a breakdown of his Wellington acquisitions, which total about 20 acres:

  • 3155 Mallet Hill Court: $8.7 million in 2013
  • 3060 Mallet Hill Court: $13.5 million in March
  • 3162 and 3128 Mallet Hill Court: $4.975 million in April
  • 13715 Quarter Horse Trail Road: $8.7 million in May
  • 3094 Mallet Hill Court: $2.5 million in June

Sandra Brady sold the vacant 1.29-acre lot at 3094 Mallet Hill Court, property records show. And Gates paid a premium: Brady paid only $104,000 for the land in 1998. GossipExtra first reported the sale.