Billionaire Greene picks up West Palm Beach property

Developer pays $7.7 million for waterfront land

Nov.November 13, 2013 02:00 PM

Billionaire developer Jeff Greene has acquired a waterfront property with the potential for high-density residential construction in West Palm Beach, The Real Deal has learned.

Two companies tied to Greene paid $7.7 million for the 5.4 acre parcel at 5750 North Flagler Drive on Nov. 8, according to Palm Beach County records. The seller of the vacant land is a company managed by Principal Real Estate Investors of Des Moines, Iowa.

A former U.S. Senate candidate, Greene has focused in recent years on assembling a large portfolio in Palm Beach County. Many of Greene’s purchases have involved distressed properties or sites that were abandoned after the real estate market collapsed. His acquisition spree started in 2011, when a Greene company paid $3.7 million for the historic Palm Beach Post Office building. Greene has also made multiple bulk condo purchases in the county.

Greene has received approval from West Palm Beach commissioners to develop a large mixed-use project on Palm Beach Lakes Boulevard. — Eric Kalis

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