Averell and Gigi Mortimer buy Palm Beach home for $7M

An entity linked to New York socialites Averell and Gigi Mortimer spent $7.3 million on a Palm Beach home.

255 El Pueblo LLC, a Delaware corporation, purchased the 3,408-square-foot home at 255 El Pueblo Way from Allen L. and Donna L. Morris, records show.

The buying corporation listed a Harriman, New York address that matches the same address used for The Gigi & Averell H Mortimer Foundation.

Averell Mortimer is the founder, chairman and CEO of the former Arden Asset Management. He founded Arden in 1993, according to his Linkedin. Aberdeen Asset Management acquired Arden Asset Management in 2015. The new company, which changed its name to Abrdn this year, manages about $636 billion in assets, according to its Linkedin page.

His father was the late Stanley Mortimer, who was director of advertising for TWA and Pan Am. His late grandfather was W. Averell Harriman, who was governor of New York, served as ambassador to Russia and the United Kingdom, and as U.S. Secretary of Commerce under President Truman.

Gigi Mortimer is the founder and CEO of EyeJust, an eyewear company in New York.

Records show Averell Mortimer also owns a condo at 1 Hotel & Homes in Miami Beach, which he purchased for $3.4 million in 2015.

The Morrises bought the Palm Beach property for $450,000 in 1996, records show. The home was built in 1939. It was first listed in April at $7.5 million.

Suzanne Frisbie, previously of Premier Estate Properties and now of the Corcoran Group, and Jim McCann of Premier Estate Properties shared the listing. John Cregan of Sotheby’s International Realty represented the buyer.

According to records, the two-story home has four bedrooms and three bathrooms.

Palm Beach sales have been skyrocketing for months. Most recently in June, an ocean-to-lake estate sold for $109.6 million, Edgar Bronfman Jr. bought a home for $12 million, and a waterfront home sold for $32.6 million.