Billionaire takes out $53.4M loan on Palm Beach mansion

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
Sean Hannity with 9 Sloans Curve Drive (Getty, Google Maps)
Palm Beach green-lights addition for Sean Hannity’s oceanfront townhouse
Palm Beach green-lights addition for Sean Hannity’s oceanfront townhouse
211 Dunbar Road (Google Maps)
Good ROI? Wealth manager sells non-waterfront Palm Beach estate for $21M
Good ROI? Wealth manager sells non-waterfront Palm Beach estate for $21M
Estée Lauder and 144 Everglade Avenue (Getty, Google Maps)
Estée Lauder’s former Palm Beach estate gets designated historic
Estée Lauder’s former Palm Beach estate gets designated historic
Mount Vernon Company's Bruce Percelay and 210 Palmo Way, Palm Beach (Google Maps, Linkedin, Getty)
Boston real estate chief sells non-waterfront Palm Beach lot for $10M
Boston real estate chief sells non-waterfront Palm Beach lot for $10M
124 Brazilian Avenue (Google Maps)
VC head Robert Burch sells Palm Beach estate for $24M
VC head Robert Burch sells Palm Beach estate for $24M
Todd Glaser and Tarpon Island in Palm Beach (Google Maps, Getty)
Todd Glaser and partners list Palm Beach’s Tarpon Island for $218M
Todd Glaser and partners list Palm Beach’s Tarpon Island for $218M
(Getty)
Palm Beach County voters approve $200M affordable housing bond
Palm Beach County voters approve $200M affordable housing bond
David Skok with plans for 360 El Brillo Way (LinkedIn, Dailey Janssen Architects)
Palm Beach approves plans for mansion on Jeffrey Epstein’s former property
Palm Beach approves plans for mansion on Jeffrey Epstein’s former property
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...