Hedge funder shells out $31M for waterfront Palm Beach spec mansion

Half-acre lakefront property hit the market in April for $32.5M

Miami /
Sep.September 21, 2021 01:30 PM
Jason Capello and 1404 North Lake Way

Jason Capello and 1404 North Lake Way

Another hedge fund manager purchased a waterfront spec home in Palm Beach, as ultra luxury sales continue to close.

Jason Capello, who led New York-based Merchants’ Gate Capital, paid $30.7 million for the six-bedroom, 8,981-square-foot mansion at 1404 North Lake Way, property records show. An LLC named after the address, led by George P. Taylor and Nedim Soylemez, sold the half-acre property.

The Intracoastal-fronting property previously sold in 2018 for $8.9 million. The Taylor and Soylemez-led entity built the home and listed it for sale in April, asking $32.5 million.

Chris Deitz with William Raveis Real Estate represented the seller, and Paulette Koch of the Corcoran Group represented the buyer, according to Realtor.com.

The Palm Beach property includes a guest home above the three-car garage, a gourmet chef’s kitchen, wine cellar, pool and dock that fits up to a 120-foot yacht, the listing shows.

Capello led Merchants’ Gate Capital and Merchants’ Gate Asset Management, which he shut down in late 2014, according to Bloomberg. He is now chief investment officer of New York-based Mgate Capital, a financial firm focused on public equities, real estate and venture capital.

Soylemez, one of the sellers, is co-founder of Lion’s View Holdings in Palm Beach.

Luxury sales have continued despite diminishing inventory. Last month, developer Clark Beaty sold his oceanfront Palm Beach spec mansion for $64 million, six months after listing the property for $84 million. And technology chief James Sankey and his wife, Beth, paid $14.7 million for a vacant lot in Palm Beach where they plan to build a new mansion.





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