Billionaire takes out $53.4M loan on Palm Beach mansion

Estate was sold off in pieces for $116M

TRD MIAMI /
May.May 14, 2015 02:15 PM

Two months after spending $71.2 million on a landmark oceanfront estate in Palm Beach, billionaire hedge funder Paul Tudor Jones II signed a $53.4 million mortgage for his new property, The Real Deal has learned.

The home was the last remaining piece of Casa Apava, a historic 11-acre site that was purchased by developer Dwight Schar in 2004 and sold off in chunks last year.

Schar and his wife Martha paid $85.6 million for the estate — including furnishings — along with three lakeside lots, according to the Palm Beach Post.

Now, the two have collected a whopping $116 million from selling it piecemeal. Buyers have ranged from homebuilder Mark Pulte to Las Vegas resort developer Steve Wynn.

The estate’s main lot, which Jones purchased, controls the lion’s share of the estate, measuring just more than 5 acres.

It houses a 26,000-square-foot mansion that was built in 1918, according to Palm Beach County property records. It has seven bedrooms, 18 bathrooms and 420 feet of ocean frontage.

Jones founded the Tudor Investment Corp. in 1980 and is now valued by Forbes to be worth $4.6 billion. Last month, he listed his waterfront home in the Florida Keys for $14 million.

Citibank granted the mortgage, according to Palm Beach County records.


Related Articles

arrow_forward_ios
320 Island Road (Credit: Zillow)

Heir to coal fortune lists Palm Beach estate for $38M

225 Seabreeze Avenue (Realtor)

Insurance mogul sells Palm Beach estate for $8M

Daily Digest Miami

The Fed lowered rates and real estate is loving it, JPMorgan dives into Miami affordable housing: Daily digest

1197 North Lake Way Drive

Big pharma heir sells Palm Beach estate for $17M

From left: Michael and Suzanne Ainslie with 202 Plantation Road and Ron Terwilliger (Credit: Getty Images and Redfin)

Ex-Lehman Brothers director sells Palm Beach home to retired Trammell Crow CEO

Daily Digest Miami

Antonio Brown gives deposition for allegedly damaging Sunny Isles condo, Baptist plans senior living in Coral Gables: Daily digest

Robert Matthews and Palm House Hotel

Embattled Palm House developer Robert Matthews agrees to federal securities charges

Ken Griffin over the island of Palm Beach

Inside billionaire Ken Griffin’s massive Palm Beach holdings

arrow_forward_ios