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Residential
South Florida

Investment exec spends $6M on waterfront Wellington home

Developer bought the property for $1.2M in 2018, completed the house in 2020

Patrick Galley & Cindy Galley and 12549 Cypress Island Way in Wellington (Photo via Redfin)
Patrick Galley & Cindy Galley and 12549 Cypress Island Way in Wellington (Photo via Redfin)

An executive at a Chicago investment management firm bought a waterfront spec home in Wellington for $6.2 million.

Records show Patrick W. Galley and Cindy F. Galley bought the newly built house at 12549 Cypress Island Way. The seller is Estate Homes By Stock LLC, a Florida Corporation tied to Naples-based Stock Development led by John Ferry, CFO.

Patrick Galley is CEO and CIO of RiverNorth Capital Management, an investment management firm based in Chicago.

Estate Homes By Stock LLC bought the land in 2018 for $1.2 million and began constructing the existing house that same year. Property records show the house was completed in 2020.

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The home was listed in August 2019, before completion, for $7 million. The most recent asking price was $6.5 million in November. Carol Sollak with Engel & Volkers brokered the sale.

The 6,246-square-foot-house has four bedrooms, four full bathrooms and two half-bathrooms. The home has access to a lake in the back yard and also features two two-car garages and a pool.

Wellington is best known for its equestrian roots, with many properties outfitted with barns and practice arenas. While this house does not include any accoutrements for horses, Cindy Galley and the couple’s daughter are avid equestrians, according to the Barrington, Illinois magazine Country.

In December, Wellington equestrian estates sold to a family member of the founder of Cumberland Farms for $8.2 million, and to the president of a Brazilian software company for $12.9 million.