The Real Deal Miami

Former Wall Street honcho buys condo at the Bristol in West Palm

Flagler Investors to deliver 25-story, 69-unit building early next year
By Amanda Rabines | August 16, 2018 03:30PM

The Bristol

Former Wall Street honcho Donald C. Carter just bought a condo at the Bristol in West Palm Beach for $6.75 million, property records show.

The waterfront building at 1100 South Flagler Drive is being developed by Al Adelson and Gene Golub of Chicago-based Golub. Records show Carter, listed as a trustee of the Donald C. Carter 2014 Trust, bought unit 904.

He joins Arthur Loring, the former general counsel at Fidelity, at the 25-story, 69-unit luxury condo tower. Loring, his wife Vicki, and philanthropist Sydell Miller, are among the 20 percent of buyers who purchased raw units at the Bristol. The tower is expected to be completed by February of next year.

Units at the luxury condo building range from 3,600 square feet to 14,000 square feet, and are priced from about $5 million to more than $40 million. Douglas Elliman is handling sales and marketing. Construction crews topped off the Bristol in January. It broke ground in 2016 and its developers financed construction with a $206 million loan from the Blackstone Group last year.

Carter founded the the proxy solicitation firm the Carter Organization, which he sold for nearly $100 million in 1987 to VPI Group, a British public relations firm. In 1990, he resigned as CEO amid an investigation into the business. At the time, New York state prosecutors alleged Carter over-billed clients and charged personal expenses to the company. In its heyday, the Carter Organization helped foster a generation of corporate raiders like billionaire Carl Icahn, according to the New York Times.

In 1998, a New York state judge tossed Carter’s conviction, according to a Wall Street Journal report, saying prosecutors had concealed information that could’ve helped Carter’s defense. The firm is now defunct.

Carter is no stranger to Palm Beach County. In 2016, he sold his waterfront compound at 6 Lagomar Road in Palm Beach for $12.5 million.