Frank McCourt spends $77M on Palm Beach estate

Seller is Venezuelan banker and polo player Victor Vargas

Apr.April 07, 2017 02:30 PM

60 Blossom Way. Inset: Frank McCourt

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. 

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