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South Florida

Hedge fund billionaire David Tepper paid $68M for Palm Beach mansion

Tepper’s previous relocation to Florida in 2015 marked a huge loss in income tax for New Jersey

David Tepper and 905 North Ocean Boulevard (Getty, Google Maps)
David Tepper and 905 North Ocean Boulevard (Getty, Google Maps)

Hedge fund billionaire David Tepper closed on his purchase of an oceanfront mansion in Palm Beach for $68.4 million, property records reveal.

Tepper, founder of Appaloosa Management and owner of the Carolina Panthers, had been in contract to buy the 12,000-square-foot oceanfront mansion at 905 North Ocean Boulevard from Patrick Carney and Lillian Carney, but the exact purchase price was unknown. The Wall Street Journal had reported the sale price was about $73 million, which likely includes commissions.

The Carneys built the home on a 1.1-acre parcel north of the Palm Beach Country Club.

It’s unclear whether Tepper will relocate to Palm Beach. He moved to Florida from New Jersey in 2015, prompting Garden State lawmakers to say its top tax was scaring off the wealthy. He returned to New Jersey last year. Forbes pegs his wealth at $13 billion.

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Tepper owns a condo in Miami Beach, and opened a Miami Beach office for Appaloosa in 2016. More financial firms have been opening offices or relocating to South Florida in recent months, spurred by the migration of wealth to the Sunshine State.

Earlier this month, private equity titan Scott Shleifer paid more than $120 million for the oceanfront mansion at 535 North County Road in Palm Beach, setting a record for residential sales in Florida and marking one of the most expensive home sales in the U.S.

Luxury home sales in Palm Beach have been on the rise. The nearby estate 790 South County Road recently sold for $31 million.

Next door to Tepper, at 901 North Ocean Boulevard, Palm Beach developer Clark Beaty recently listed his newly built spec house for $55 million.

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Palm Beach