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

Sellers purchased the house in 1996 for $450K

Miami /
Jun.June 24, 2021 12:30 PM
Gigi and Averell Mortimer and 255 El Pueblo Way, Palm Beach (Getty, Google Maps)

Gigi and Averell Mortimer and 255 El Pueblo Way, Palm Beach (Getty, Google Maps)

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.






    Related Articles

    arrow_forward_ios
    Inventory for single-family homes and condos fell, indicating a seller’s market (Getty)
    South Florida residential sales soar to $8B in June, led by luxury buys
    South Florida residential sales soar to $8B in June, led by luxury buys
    Apollo Global Management’s Josh Harris and Softbank CEO Marcelo Claure with the property (Getty)
    SoftBank’s Marcelo Claure sells Miami Beach mansion to Apollo co-founder for $32M
    SoftBank’s Marcelo Claure sells Miami Beach mansion to Apollo co-founder for $32M
    Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M
    Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M
    Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M
    The Allison Island spec home with James Curnin and Adam Wyden (LPG, Columbia Business School)
    Hedge funder buys Allison Island spec home for $14M
    Hedge funder buys Allison Island spec home for $14M
    Does it come with a home theater? IMAX director buys oceanfront Palm Beach house for $29M
    Does it come with a home theater? IMAX director buys oceanfront Palm Beach house for $29M
    Does it come with a home theater? IMAX director buys oceanfront Palm Beach house for $29M
    Walton Street Capital Managing Partner Eric Mogentale with the complex (Alta Developers, Walton Street Capital)
    Walton Street Capital buys Boynton Beach apartments for $93M
    Walton Street Capital buys Boynton Beach apartments for $93M
    CP Group Managing Partner Angelo Bianco with One Town Center (CP Group)
    Singaporean REIT pays $100M for One Town Center office building in Boca Raton
    Singaporean REIT pays $100M for One Town Center office building in Boca Raton
    Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
    Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
    Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...