Russian billionaire pays $23M for Wellington polo estate

Andrey Borodin also bought Park Place, the most expensive house in Britain, for $219 million in 2012

Miami /
May.May 08, 2019 06:00 PM
Andrey Borodin and 4370 South Road, Wellington (Credit: Wikipedia and Realtor)

Andrey Borodin and 4370 South Road, Wellington (Credit: Wikipedia and Realtor)

A billionaire Russian exile living in the United Kingdom paid $23 million for a massive equestrian compound in Wellington that was once home to the Lechuza Caracas polo team, The Real Deal has learned.

Park Place Polo Fields Corp. bought the 62-acre polo facility at 4370 South Road, records show. The entity is linked to Andrey Borodin, a Russian financial expert, economist and businessman who was formerly the president of the Bank of Moscow. He allegedly was a suspect in a fraud probe at the bank under his governance, and left Russia for the United Kingdom in 2011, according to published reports. Borodin bought Park Place, Britain’s most expensive house, for $219 million in 2012. He was granted political asylum in the United Kingdom in 2013. He also owns the Park Place polo team in the U.K.

4370 South Road, Wellington (Credit: Realtor)

The seller is PBC Polo Properties LLC, led by financier Nate Ward. Ward is partner and co-founder of Palm Beach Capital, a private equity investment firm based in West Palm Beach.

Completed in 2015, the equestrian compound includes a 60-stall polo barn, a 12-stall show jumping barn, tack rooms, feed rooms, an aquatic horse walker, staff apartments with a kitchen and a manager’s office, among other features.

Thomas Baldwin, broker/owner of Equestrian Sotheby’s International Realty, represented both the buyer and the seller. Baldwin declined to comment on the buyer’s identity.

“It’s probably one of the most highly rated polo facilities in North America,” Baldwin said.

4370 South Road, Wellington (Credit: Realtor)

The property last sold in October 2017 for $17.1 million. The seller at the time was PF Polo Properties LLC, a company controlled by Emma Cisneros, CEO of Quorum Management Company, who was tied to Venezuelan banker and polo player Victor Vargas. Vargas owns the Lechuza Caracas polo team as well as Banco Occidental de Descuento in Venezuela.

Wellington is regarded as the equestrian capital of the United States. It hosts the Winter Equestrian Festival every year at the Palm Beach International Equestrian Center, which brings some of the top riders in the world to South Florida.

Many wealthy celebrities have bought estates in the area. In 2018, Billy Joel paid $3.5 million for a five-acre horse ranch in Wellington for his fourth wife, Alexis Roderick, an experienced equestrian rider. In 2017, a company tied to billionaire Laurene Powell Jobs, the widow of Apple co-founder Steve Jobs, spent $8.25 million for land next to her Wellington estate.


Related Articles

arrow_forward_ios
A photo illustration of Grant Cardone and 9855 Herons Nest Court in Lake Worth (Getty, RPM Living)
Cardone’s Lake Worth workforce housing complex found overcharging tenants
Cardone’s Lake Worth workforce housing complex found overcharging tenants
Thea Stinnett with 5261 Laredo Way (Heathman Farm, Google Maps)
JM Family exec buys Wellington equestrian estate for $12M
JM Family exec buys Wellington equestrian estate for $12M
12365 Cypress Island Way in Wellington, Ansgar Holtgers and Jim & Kristy Clark (Google Maps, Getty, Instagram/ansgar.holtgers)
Billionaire Jim Clark buys Wellington mansion for $12M
Billionaire Jim Clark buys Wellington mansion for $12M
Andreas Helgstrand with 13625 50th Street South
Helgstrand Dressage sells half of Wellington equestrian estate for $11M
Helgstrand Dressage sells half of Wellington equestrian estate for $11M
12428 Cypress Island Way (Google Maps, Getty)
Private equity boss buys Wellington spec mansion for $10M
Private equity boss buys Wellington spec mansion for $10M
Bourn's Andrew Bourns with 15173 and 15134 Natures Point Lane (Bourns Sport Horses, Getty, Google Maps)
Irish jumper sells Wellington equestrian estate for $14M
Irish jumper sells Wellington equestrian estate for $14M
From left: Sotheby’s Daniel de la Vega and Reagan Jefferies with Brevard County
One Sotheby’s picks up Brevard County brokerage
One Sotheby’s picks up Brevard County brokerage
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...