Miami Worldcenter co-developer flips waterfront lot in Manalapan
William Powers made $1M in four months
Miami Worldcenter co-developer William Powers just made a quick $1 million flipping a waterfront lot he bought in Manalapan just four months ago.
The Strand Partners hedge fund manager paid $13.5 million for the 2.13-acre lot at 1020 South Ocean Boulevard in December, and just sold it for $14.5 million to Paul and Victoria Saunders, property records show.
Paul is the founder of the Richmond, Virginia-based investment firm James River Capital Corporation and his wife Victoria helps run the Chrysalis Institute cultural learning center, also in Richmond.
Powers was looking to make more off the oceanfront lot. It hit the market in January for $17.9 million with broker Christian Angle of Christian Angle Real Estate, according to Redfin. It sold at a 19 percent discount off the original ask.
The property includes a dock fronting the Intracoastal Waterway on the west side of South Ocean Boulevard and more than 200 feet of ocean frontage on the east side.
Powers has been busy in Palm Beach County. In March, he sold a mansion in Delray Beach for about $27 million and bought a Palm Beach estate with fellow hedge fund manager Marianne Elaine Elmasri for $39.4 million.