The Real Deal Miami

Donald Sussman expands his Fort Lauderdale estate with home next door: $6M

Deal brings the hedge funder's total to $42M and nearly 3 acres on Harborage Isle

August 30, 2016 11:20AM
By Katherine Kallergis

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Donald Sussman and his Harborage Isle estate: outlined in red is what he just acquired

Donald Sussman and his Harborage Isle estate: outlined in red is what he just acquired

Updated, 4:08 p.m., Aug. 30: Financier and philanthropist Donald Sussman added onto his Harborage Isle estate and purchased a property next door for $6 million.

Sussman, a hedge fund manager, bought the three-bedroom, 5,570-square-foot house at 2 Harborage Isle in Fort Lauderdale. Records show Sussman’s trust, 888 Property Trust, paid a combined $35.7 million late last year for the properties at 3 Harborage Isle Drive and 5 Harborage Isle Drive – the latter of which belonged to former foreclosure king David J. Stern.

Those homes gave Sussman about 23,000 square feet of residential space between the two houses, which have a combined 10 bedrooms, 13 bathrooms, two pools and a private tennis court. At the time, Sussman did not appear on the deeds.

His newly acquired property sits on 24,285 square feet of land, bringing the total to about 2.7 acres and $41.7 million for the western section of the island. Maribel and Jose Tamayo sold Sussman the house at 2 Harborage Isle after buying it for $3.75 million in July of last year. The Tamayos bought the property from Sylvia Baldini, a landowner on the island.

The one-story house, built in 1970, features a large island kitchen, family room with a fireplace, pool, office and 135 feet of water frontage.

Compass agent Michelle Howland arranged this most recent sale, Howland told The Real Deal. She was also among the listing agents for the sale of Stern’s home, and represents Sussman on his Harborage Isle purchases, as well as listing his other properties in Harbor Beach.

Baldini’s holdings used to include 1, 2, 3 and 9 Harborage Isle Drive. Reports show she and her husband Lawrence Duprey led a Caribbean insurance conglomerate that was bailed out by Trinidad and Tobago for $7.3 billion in 2010. Baldini still owns 1 Harborage Isle Drive and mortgaged it earlier this year, Broward County records show.

Sussman founded Paloma Funds and New China Capital Management. He started his career at the age of 12 when he correctly predicted the Cuban Revolution would drive up the price of sugar commodities, according to the website Highbeam Business. Sussman made a six-times return on a $300 investment in Michigan Sugar.