Ex-SEC head known as “King Richard” buys Lantana mansion

It hit the market in February for nearly $19M

319 North Atlantic Drive and Richard Breeden (Douglas Elliman, Getty)
319 North Atlantic Drive and Richard Breeden (Douglas Elliman, Getty)

A former head of the U.S. Securities and Exchange Commission who was known as “King Richard” scored a deal on a waterfront estate in Lantana.

Records show Hypoluxo I LP sold the 2.25-acre property at 319 and 322 North Atlantic Drive to Richard and Linda Breeden for $9.4 million.

Richard Breeden served under President George H.W. Bush as SEC chairman between 1989 and 1993. He once told his staff that he wanted insider traders left “naked, homeless and without wheels,” according to the Wall Street Journal.

The Breedens’ new home is a 10-bedroom, 13,342-square-foot mansion that was designed by architect Roger Patton Janssen from Dailey Janssen Architects. It hit the market in February for $18.75 million and includes the lot across the street.

From left: Ashley McIntosh, Chris Leavitt and Martin Conroy (Douglas Elliman)

The Lantana estate was listed with Chris Leavitt, Ashley McIntosh and Martin Conroy of Douglas Elliman. Most recently, it was asking $15.95 million.

That means the seller sold it at a 41 percent discount from its most recent asking price, and a 50 percent discount off the February asking price.

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Breeden financed the purchase with a $5 million loan from JPMorgan Chase.

The property includes two guest homes, nine bathrooms, three half-bathrooms, a six-car garage, fitness center, steam room, wine cellar and screening room. It also features a swimming pool, cabana and 220 feet of frontage on the Intracoastal Waterway.

Records show the two lots last sold in 2007 for $11.7 million and for $780,000 in 2011. The mansion was developed in 2005.

Lantana is north of Manalapan and south of the town of Palm Beach, which has experienced a jump in sales activity of high-end single-family homes.

In July, the oceanfront mansion at 640 South Ocean Boulevard in Manalapan sold for $36 million.

Write to Katherine Kallergis at kk@therealdeal.com