search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aTracking $12B in out-of-state and foreign home purchases in Palm Beach CountyTracking $12B in out-of-state and foreign home purchases in Palm Beach CountyCharles Cohen’s 750 Lex value slashed by 83%, foreclosure loomsCharles Cohen’s 750 Lex value slashed by 83%, foreclosure loomsM&T braces for more loan losses as office default risk risesM&T braces for more loan losses as office default risk rises
Commercial
South Florida

Family of railroad tycoon Hunter Harrison now controls Wellington equestrian estate

Partnership listed the property in December for $45M

The property at 4715 and 4827 125th Avenue South (Credit: MLS)
The property at 4715 and 4827 125th Avenue South (Credit: MLS)

The family of railroad tycoon E. Hunter Harrison just paid $14.13 million to buy out partner Bennington Farm Corp. at the equestrian estate in Wellington they jointly owned, property records show.

Double H Property Holdings, which is managed by members of the Harrison family through various trusts, is now in the driver’s seat (or the saddle, if you will) of the 32.5-acre property at 4715 and 4827 125th Avenue South. The deal to take full ownership breaks down to about $435,000 per acre.

Bennington Farm Corp., led by Ira J. Gumberg, is tied to the Pittsburgh-based commercial real estate firm J.J. Gumberg Co. Records show Gumberg purchased the land for $3 million in 2004.

Sign Up for the undefined Newsletter

Harrison, who was hired as CEO of Jacksonville-based CSX in March, spent a total of $12 million for 50 percent ownership in the property in 2010 and 2011, records show. He was formerly the CEO of Canadian Pacific Railway.

Last year the partners listed the property for $45 million. The equestrian estate includes two horse barns with a total of 50 stalls, riding rings, a hunter/jumper course, a tennis court and a lake. The ranch’s residence, which spans more than 10,000 square feet, features six bedrooms.

Wellington is home to a number of wealthy equestrian enthusiasts, including Bill Gates ‘family, Steve Jobs’ widow and billionaire Laurene Powell Jobs and Georgina Bloomberg, the daughter of former New York City Mayor Michael Bloomberg.

Earlier this month, another Wellington equestrian estate traded for about $17 million to a company owned by Nate Ward, partner and co-founder of the private equity investment firm Palm Beach Capital.

Tags
Celebrity Real EstateCommercial Real Estate