Boston hedge funder buys massive Gulf Stream estate

Michael Rashes and his wife paid $10.5M for the waterfront home
By Keith Larsen | May 06, 2019 09:45AM

Bracebridge Capital’s Michael Rashes and 2817 North Ocean Gulf Stream

Bracebridge Capital’s Michael Rashes and 2817 North Ocean Gulf Stream

Boston hedge funder Michael Rashes and his wife Dena bought a massive Gulf Stream estate for $10.5 million.

The Rasheses bought the 7,016-square-foot home at 2817 North Ocean Boulevard for $1,496, records show. The couple purchased the property from Francine Duberry Mulliez of Delray Beach.

Built in 1926, the house has six bedrooms, 10 bathrooms, three half-baths and four guest villas. It sits on 1.2 acres in front of the Gulf Stream Golf Club. Redesigned by architectural firm Bridges and Marsh, it features limestone floors, cypress cathedral ceilings, Paris ceramic tiles, two fireplaces, and an oceanside office, according to realtor.com.

It was last purchased for $12 million in 2008.

Candace and Phillip Friis of The Corcoran Group had the listing. Candace Friis also represented the buyer, according to realtor.com.

Michael Rashes is a principal at Bracebridge Capital, a Boston-based fixed income hedge fund. He oversees the firm’s sovereign credit and rates trading strategies.

A number of wealthy buyers are migrating from states like New York and Connecticut to Florida to take advantage of the state’s beneficial tax laws. The new federal tax law further limits the deductions for state and local taxes, meaning wealthy individuals in high-tax states owe more to the Internal Revenue Service.