Utah real estate mogul drops $14M for waterfront Jupiter Island teardown

Erroneous rumors had circulated that Nancy Pelosi bought it

488 South Beach Road (Photos via Kevin Dickenson)
488 South Beach Road (Photos via Kevin Dickenson)

A Utah real estate and investment mogul paid $14.1 million for a waterfront Jupiter Island teardown.

Property records show Jennifer and George Banks, as individuals and members of a trust, sold the house at 488 South Beach Road to M Southern Command LLC, which is managed by Mike Bermes.

Bermes is president and CEO of James West Capital, a Park City, Utah-based firm that specializes in equity Investments, mergers & acquisitions, and real estate development, according to his LinkedIn.

Leila Kallop with Fenton & Lang represented the sellers. Kevin Dickenson with Berkshire Hathaway HomeServices Florida Realty represented the buyer.

The 5,411-square-foot home sits on a 1.4 acre lot. It has four bedrooms, four full bathrooms and one half-bathroom. The house sits along the Intracoastal Waterway with enough space to fit a mega-yacht. The property comes with deeded access to the ocean, according to Dickenson.

Dickenson declined to identify the buyer, but did say the buyer plans to tear down the property.

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Previously, erroneous rumors had swirled that Speaker of the House of Representatives Nancy Pelosi was the buyer. In November, a Twitter account that tracks her asset portfolio stated she bought a $25 million mansion in Florida. Published reports quickly debunked that claim. But that didn’t stop commenters on Facebook from wondering what U.S. Secret Service protection would look like for the area.

Built in 1979, the home was listed in November for $15.9 million, according to Realtor.com.

Records show the Banks bought the house in 2013 for $3.3 million.

In December, a 26,534-square-foot compound on a 6-acre lot at 450 South Beach Road on Jupiter Island hit the market for $90 million.

In April, golf giant Greg Norman and his wife, Kiki, sold their Jupiter Island compound at 382 South Beach Road for $55 million to the family of billionaire Leslie Wexner, who founded L Brands. Norman and his wife bought a smaller mansion in Palm Beach Gardens for $12.2 million.

In March, Jeffrey Soffer’s Fontainebleau Development snagged a $50 million loan from Bank OZK for an oceanfront condo development on Jupiter Island. The 10-story, 21-unit project, called SeaGlass Jupiter Island, is being developed by Fontainebleau Development and Perko Development Partners.