Pharma mogul buys waterfront home in Fort Lauderdale for $16M

Glenn C. Rice, the president of a pharmaceutical development and manufacturing company, bought a waterfront Las Olas Isles home in Fort Lauderdale for $15.7 million, three months after selling a Seven Isles mansion.

Records show Rice and his wife, Cynthian Anne Hoy, as trustees of the Glenn C. Rice and Cynthia Anne Hoy Revocable Trust, bought the house at 650 San Marco Drive in Fort Lauderdale from Rajiv and Latika Jain.

Rice and Hoy financed the purchase with an $11 million loan from Bank of America, records show.

Rice is president of Houston-headquartered MetronomX, a drug development company he co-founded in 2010. He was formerly president and COO of pharmaceuticals company Pharmacyclics, and was the vice president of research at ILEX Oncology, which sold for $1 billion in 2004, according to MetronomX’s website.

Rajiv Jain is a partner, chairman and chief investment officer of GQG Partners, an investment management firm headquartered in Fort Lauderdale.

The Jains bought the mansion for $14 million in 2015, records show. They first listed the five-bedroom, five-and-a-half-bathroom home in 2016 with Tim Elmes of Coldwell Banker for nearly $20 million. It was most recently asking $16.5 million in January 2020.

Broward County property records show the 7,762-square-foot house was built in 1993. According to the listing, the home was renovated in 2011. The property also features 425 feet of deep water frontage.

In January, Rice and Hoy sold a Fort Lauderdale mansion for $12.8 million.

Also recently in Fort Lauderdale’s Las Olas Isles neighborhood, the owners of a disaster response company sold their waterfront mansion in November for $6.2 million.