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Elliott Management’s top brass flips oceanfront Gulf Stream estate for $27M
Property last sold in May for $15.9M
A trust linked to Elliott Management’s top brass flipped a Gulf Stream oceanfront estate for $26.7 million to another trust also linked to the hedge fund. The purchase price is $10.8 million more than its sale price 10 months ago.
Property records show the 2929 Ocean Trust, with attorney Guy Rabideau as trustee, sold the house at 2929 North Ocean Boulevard to David J. Miller, via a trust in his name. Records show Miller’s trust financed the purchase with a $17.4 million mortgage from JPMorgan Chase.
Records filed last summer tie Jesse Aron Cohn and Karen Sue Cohn to the buyer’s trust, 2929 Ocean. The trust, registered to the address of the Gulf Stream estate, bought unit W-5 at 2613 North Ocean Boulevard in Gulf Stream in June for $1.8 million.
Cohn is a managing partner at Elliott Management, overseeing global situational investing teams, according to the company website. He joined the firm in 2004.
The buyer, Miller, is a senior portfolio manager at Elliott Management, according to the company’s website. He joined the hedge fund in 2003. Published reports state he is the buyer.
Candace and Phil Friis with Corcoran brokered both sides of the deal, according to Redfin. Candace Friis declined to comment. Phil Friis and Rabideau could not be reached for comment.
In 2020, Elliott Management’s billionaire founder and co-CEO, Paul Singer, announced he would move Elliott Management to West Palm Beach from New York.
That year, Cohn listed a condo in New York City’s Financial District for $39.5 million.
The 7,592-square-foot house sits on an acre and comes with six bedrooms, six full bathrooms, three half-bathrooms, and 121 feet of ocean frontage, according to Redfin. It was listed this month for $26.7 million and sold for the list price.
The property last sold for $15.9 million in May. Rabideau was trustee for the trust that bought the newly completed home from a joint venture of builders that began construction in June 2019, records show.
Gulf Stream has seen a boom in luxury sales in recent months. This month, a trust tied to a San Francisco hedge fund manager sold a waterfront estate for $33 million.
In July, the CEO of Dallas-based Thryv, a software company, paid $12.6 million for an oceanfront Gulf Stream home. And in June, the CEO of the Yum! Brands, which own KFC, Pizza Hut and Taco Bell, paid $8.5 million for a waterfront home.