The Real Deal Miami

Buyers revealed: Hedge funders buy late billionaire’s Palm Beach oceanfront estate at a discount

The property, which hit the market in January 2017 for $54 million, sold for $39.4M
By Amanda Rabines | March 29, 2018 05:45PM

1473 North Ocean Drive and William Powers (Credit: Realtor.com and LinkedIn)

Strand Partners hedge fund managers William Powers and Marianne Elaine Elmasri are the buyers of the Palm Beach estate previously owned by the late billionaire Bruce Halle.

The oceanfront house at 1473 North Ocean Drive had been under contract since mid-January to an unknown buyer. Property records show Powers and Elmasri paid $39.4 million for the property as joint tenants. The home fetched $41.5 million in 2012, meaning it sold at a loss.

Powers, co-developer of Miami Worldcenter, and Elmasri founded Strand Partners’ subsidiary Aspen Highland Partners. The company invests in public and private equities with a focus on technology, retail and big data, according to its website.

The Halle family put the property on the market in January 2017 with Lawrence A. Moens Associates, asking $54 million. Cristina Condon with Sotheby’s International Realty had the latest listing. The property was last asking $49.5 million, according to Realtor.com.

Halle founded the tire and wheel retailer Discount Tire. The late entrepreneur had an estimated net worth of $5.2 billion, according to Forbes. He died in early January at 87.

The main house, built in 1960; a guest house with four bedrooms, built in 1972; and a pool cabana, are on a lot that measures almost 2 acres and has 156 feet of ocean frontage. The main house and guest house have a combined total of about 17,800 square feet.

Earlier this month Powers sold his Delray Beach mansion for $26.75 million.