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

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

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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.