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Converting to cash: Payday lender flips his waterfront Palm Beach home for $42M
He bought the house for $26.1M in January
UPDATED, May 7, 9:50 a.m.: Payday lender W. Allan Jones flipped his waterfront home in Palm Beach for $41.7 million, four months after buying it for $26.1 million.
Jones Lakeland LLC, a Tennessee company headed by Jones, sold the property at 320 Island Road to PB Island Dreams LLC, a Delaware corporation. The buying entity is in care of New York-based law firm Kleinberg, Kaplan, Wolff & Cohen.
Jones is the founder and CEO of Check it Into Cash, a national short-term lending company he founded in Cleveland, Tennessee in 1993. Check it Into Cash has over 650 stores nationwide, according to its website.
In January, Jones purchased the home from a member of the Berwind family for $26.1 million. The initial asking price in 2019 was $37.5 million.
Jones listed it in February with Suzanne Frisbie of Premier Estate Properties with an asking price of $45 million. Frisbie could not be reached for comment. Dana Koch and Paulette Koch at The Corcoran Group represented the buyer.
Records show the 7,526-square-foot house has five bedrooms, six full bathrooms and two half-bathrooms. The property also features a gym, five-car garage, a pool and 232 feet of intracoastal frontage with a dock and boat lift, according to the listing.
Before flipping this Palm Beach home, Jones sold a 5,826-square-foot house, also in Palm Beach, for $26.7 million.
Palm Beach has been extremely active this year. Last month, spec homebuilder Todd Michael Glaser bought a home to renovate for $16.4 million, and a Mexican construction entrepreneur sold a mansion for $23 million.