Frank McCourt spends $77M on Palm Beach estate

Miami /
Apr.April 07, 2017 02:30 PM

A trust tied to billionaire real estate investor Frank McCourt paid $77.06 million for an oceanfront estate in Palm Beach, near neighbors like hedge funder Ken Griffin and President Donald Trump’s Mar-a-Lago. 

Property records show White Sea Holdings LLC sold the 18,452-square-foot mansion at 60 Blossom Way to The 60 Blossom Way Trust, in the care of McCourt L.P.

Venezuelan banker and polo player Victor Vargas owns the LLC, which is managed by Emma Gibelli Cisneros.

The Polynesian-style home was profiled in Architectural Digest’s January 2008 issue and features interiors by Peter Marino Architect. It was built in 2008, and has eight bedrooms, pools, a separate dining pavilion, and hardwood and marble finishes. It sits on a 3.6-acre lot. Records show Vargas bought the property from billionaire George Lindemann in 2008 for $68.5 million. Vargas owns the fourth largest private bank in Venezuela, Banco Occidental de Descuento.

McCourt is no stranger to South Florida. The former L.A. Dodgers owner and president of Boston-based McCourt Group paid $20 million for a 40-acre horse farm in August, after selling a smaller property nearby for $12 million. He’s also co-developing The Towers by Foster + Partners along with Florida East Coast Realty and Corigin Real Estate Group, a pair of connected skyscrapers planned for Brickell.

The developer sold the Dodgers in 2012 for $2.15 billion. McCourt expanded his real estate holdings to New York City in 2013, when his firm paid $167 million for a development site on Manhattan’s Far West Side.

McCourt’s new Palm Beach home is near billionaire Ken Griffin’s assemblage, where the hedge funder plans to build 55,800-square-foot mansion on South Ocean Boulevard and Blossom Way. Griffin spent about $215 million buying the land between 2012 and 2017.

An earlier version of this story incorrectly used a photo that was not of 60 Blossom Way. 


Related Articles

arrow_forward_ios
South Florida residential sales rose in August, but single-family closings fell across the tri-county region. (iStock)
South Florida single-family home sales decline in August as inventory shrinks
South Florida single-family home sales decline in August as inventory shrinks
Todd Glaser flips office dev site to Palm Beach Jewish Center
Todd Glaser flips office dev site to Palm Beach Jewish Center
Todd Glaser flips office dev site to Palm Beach Jewish Center
Jason Capello and 1404 North Lake Way
Hedge funder shells out $31M for waterfront Palm Beach spec mansion
Hedge funder shells out $31M for waterfront Palm Beach spec mansion
AIMCO founder Terry Considine and a rendering of the Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Clark Beaty sells oceanfront Palm Beach spec mansion for $64M
Clark Beaty sells oceanfront Palm Beach spec mansion for $64M
Clark Beaty sells oceanfront Palm Beach spec mansion for $64M
Jennifer Hyland joins Corcoran Group in Palm Beach
Jennifer Hyland joins Corcoran Group in Palm Beach
Jennifer Hyland joins Corcoran Group in Palm Beach
InVue CEO James Sankey and the lot at 125 EL Bravo Way (Google Maps)
North Carolina tech honcho buys Palm Beach mansion site for $15M
North Carolina tech honcho buys Palm Beach mansion site for $15M
The five bedroom Palm Beach mansion (Realtor via Douglas Elliman)
SafeCard Services founder sells Palm Beach home for $22M
SafeCard Services founder sells Palm Beach home for $22M
arrow_forward_ios

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

Loading...