Billionaire beer distributor buys waterfront Palm Beach estate: $28M

Buyer chairs a global food and beer distributor that works with Coca-Cola and McDonald's

Sep.September 06, 2016 02:15 PM

11572 Turtle Beach Road, Seth Waugh and M. Jude Reyes

The billionaire owner of one of the biggest beer distribution companies in the country has found himself a new home in North Palm Beach.

Records show M. Jude Reyes, co-chairman of Reyes Holdings LLC, and Lori Welch Reyes paid $28 million for the six-bedroom, 8,933-square-foot mansion at 11572 Turtle Beach Road. Reyes Holdings is a global food and beer distributor that works with Coca-Cola, McDonald’s and food distributor Reinhart Foodservice. It also reportedly distributes more than $100 million of beer cases a year.

Reyes is currently worth about $2.8 billion, according to a Forbes estimate of his wealth. Last year, Reyes Holdings sold property it owned in Hialeah for nearly $11 million.

Their new house is a three-story, beachfront mansion built in 2004 with a pool, deck, spa, patio and summer kitchen. The Reyeses, who also own the house at 11750 Turtle Beach Road, financed the deal with a $20.8 million mortgage from Citibank.

The sellers are Seth and Sheila Waugh, who have owned the 1.19-acre property since 2002. Seth Waugh, a former CEO of Deutsche Bank, is vice chairman of business development for Florida East Coast Industries and a recent addition to the PGA Board of Directors, according to published reports.

The Waughs paid $7.1 million for the home, records show. It’s surrounded by other multimillion-dollar properties on Turtle Beach Road, which is in unincorporated Palm Beach County.

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