The Real Deal Miami

Vulture investor swoops down on water view

June 09, 2008 12:15PM

Billionaire industrialist Wilbur Ross Jr., who made his fortune buying distressed assets — businesses in trouble that need new capital — paid $13.2 million for a neighboring house in Palm Beach to expand his view of the Intracoastal Waterway. Ross and his wife, Hilary, bought 1 Pelican Lane, adjacent to his home at 328 El Vedado Road, on Wednesday at a premium, since the house wasn’t on the market. The Pelican Lane home covers 7,116 square feet and sits on a lakefront half acre. The two-story house was built in 1936 but is not landmarked. Ross reportedly plans to consolidate the two properties and replace the existing house on Pelican Lane with guest quarters.