The Real Deal Miami

Private equity director pays $7.25M for North Palm Beach pad

The 5K sf home traded for about $1.4K sf
By Amanda Rabines | May 14, 2018 03:00PM

12087 Turtle Beach Road and Tim Neher (Credit: Palm Beach County Property Appraiser and YouTube)

Thomas Hagerty, managing director at private equity firm Thomas H. Lee Partners, and his wife Jeanne, paid $7.25 million for a house near North Palm Beach, property records show.

The Boston-Massachusetts-based private equity firm has raised more than $22 billion of equity capital and invested in more than 140 portfolio companies, with a total value of more than $150 billion, according to its website.

The sellers, Timothy P. Neher and his wife Mary Anne sold the home at 12087 Turtle Beach Road through a trust in Mary Ann’s name. The 5,110-square-foot home traded hands for about $1,420 per square foot. Timothy Neher formally served as a director of the cable channel TBS and as a regional manager at Continental Cablevision of Michigan.

Records show the Nehers paid $5.3 million for the four-bedroom house in 2006, which is the same year it was built. The two-story home sits on nearly a half-acre lot and looks over Lost Tree Club golf course.

The area has attracted a number of investors, including Safe Harbor Marinas who recently spent more than $52 million on two marinas in North Palm Beach: Old Port Cove Marina at 116 Lakeshore Drive and North Palm Beach Marina at 1037 Marina Drive.