A plan to build a high-end luxury condo project in Wellington is heading back to the stable for now.
Billionaire Neil Hirsch sold the 5.5-acre site at 3410 South Shore Boulevard to Wellington developer Mark Bellissimo for $18 million, The Real Deal has learned. Bellissimo owns land surrounding the project.
Hirsch, who owns the BlackWatch Polo Team and made his fortune in telecommunications, planned to build a 34-unit condo project on the site called the Coach House. The property was previously home to the Players Club bar, a Wellington institution. It was demolished early last year.
Bellissimo, who is among the biggest property owners in Wellington, told TRD he has no immediate plans for the property. He expects to have a development plan by the end of the summer.
Hirsch tapped Douglas Elliman to launch sales of The Coach House about a year ago, with prices ranging from $2.5 million to $6.5 million.
Hirsch did not respond to a request for comment.
The development was geared toward wealthy equestrian enthusiasts who did not want to purchase homes. Ignacio “Nacho” Figueras, a Ralph Lauren model and Blackwatch Team polo player, and polo player Grant Ganzi each purchased units.
The project was expected to be completed in 2022. Amenities were to include a rooftop pool, a library, boardroom, along with private elevators for each unit. But construction never got off the ground and sales were suspended in the fall, according to a source.
Records show Hirsch’s Sperin LLC paid $1.9 million for the property in 2001.
The Coach House would have been a rarity in Wellington, home to a number of large equestrian estates.
Bellissimo’s portfolio includes the Palm Beach International Equestrian Center, which he and his partners acquired in 2006 for a reported $135 million.
In 2019, he paid $29 million for 26 acres on the west side of the equestrian center. He said he is developing a master plan for the area. The Palm Beach International Equestrian Center hosts the annual Winter Equestrian Festival.
In 2016, Bellissimo and his partners paid $72 million for the 248-acre International Polo Club, also nearby.
Wellington is home to a number of celebrity buyers. Billionaires such as Bill Gates, Michael Bloomberg and the family of the late Steve Jobs, as well as celebrities Billy Joel and Bruce Springsteen, have all purchased properties in the area.