Company tied to Quicken Loans buys Palm Beach estate for $25M

A company tied to Quicken Loans and its chairman Dan Gilbert bought a Palm Beach mansion for $24.5 million, marking the entity’s second home purchase this week.

EL Sueno LLC, managed by Michelle M. Porter, sold the 10,843-square foot estate at 100 El Bravo Way for $2,259 per square foot, records show. Golden Crate LLC, which lists its address as the Detroit, Michigan offices of Quicken Loans, purchased the house. A document filed with the city of Palm Beach is signed by Matthew Rizik, the CFO of Gilbert’s holding company, Rock Ventures.

The home was last purchased for $20.3 million in 2017. It was built in 1922. The house has seven bedrooms and nine bathrooms.

Suzanne Trapani Frisbie of Premier Estate Properties listed the property.

Earlier this week, Golden Crate LLC purchased another home in Palm Beach at 670 Island Drive for $18.8 million.

Quicken Loans is a mortgage company based out Detroit, Michigan. In 2017, the company became the country’s largest residential mortgage lender. It is also the country’s largest lender of FHA loans and has dominated the residential mortgage market as banks have retreated from the market.

Gilbert is also the majority owner of the NBA’s Cleveland Cavaliers.

A majority of the priciest home sales in the tri-county region in 2019 were on the barrier island of Palm Beach. At the top of the list was the $105 million purchase of the 10-bedroom estate at 1415 South Ocean Boulevard by billionaire hedge funder Steven Schonfeld and his wife Brooke.