Billionaire hedge funders and investment managers are flocking to Palm Beach, buying high-end homes to escape paying taxes in New York City.
But not Steven Schonfeld and his wife Brooke, who tied the record for buying the priciest home in Palm Beach for $105 million.
The couple is planning to keep their full-time residence in New York and will use the sprawling 10-bedroom waterfront estate at 1415 South Ocean Boulevard as a vacation home. Beauty mogul Sydell Miller sold the lake-to-ocean property.
“We love New York. We love Palm Beach We have kids in school and we want to have them raised in New York,” said Steve Schonfeld in an interview with The Real Deal. He has a reported net worth of $1.2 billion and runs the hedge fund Schonfeld Strategic Advisors.
With real estate fees and commissions the total home price crosses $111 million, according to a spokesperson for the Schonfelds.
The late Terry Allen Kramer, a Broadway producer who died earlier this year, sold her mansion at 1295 South Ocean Boulevard in June for $105 million and $110 million with fees.
The couple said they were introduced to the house by Christian Angle of Christian Angle Real Estate. Brooke said the home was love at first sight. They were initially looking to build a new home on the island, but the size and detail of the Miller estate captivated the couple.
Overall, the home has nearly 35,000 of under-air square feet, 350 feet of oceanfront and about 230 feet of water frontage on the Intracoastal Waterway. It also includes an ice cream parlor.
The couple plans to keep the home in the family for future generations, according to Steve Schonfeld. Palm Beach has sentimental value for Brooke. She vacationed in Palm Beach growing up and the couple had their first date at the upscale restaurant Cafe L’Europe.
Steve said he has no immediate plans to open an office for his hedge fund in Palm Beach or the surrounding area.
Palm Beach is home to a number of ultra-wealthy hedge funders and celebrities.
This summer, hedge funder Ken Griffin spent $99 million for a Palm Beach estate. The deal brought the Citadel founder and CEO’s total investment in Palm Beach to at least $350 million. While his plans are unknown, Griffin could likely build a mega-mansion on the land.