Hedge funder Paul Saunders, wife sell Riviera Beach condo

Sale marks the Saunders’ first deal in months under $10M

Miami /
May.May 13, 2022 10:30 AM
Paul Saunders with 2700 North Ocean Drive (LinkedIn, Redfin)

Paul Saunders with 2700 North Ocean Drive (LinkedIn, Redfin)

A hedge fund manager with a reputation for making multimillion-dollar real estate deals settled for one under $10 million with a Riviera Beach condo sale.

Property records show hedge funder Paul H. Saunders and his wife, Victoria, sold unit TS9A at 2700 North Ocean Drive to debt-collecting attorney Rick Silver for $7.1 million.

Paul Saunders is the founder and CEO of Manakin-Sabot, Virginia-based James River Capital, a hedge fund that specializes in alternative investments, according to the company’s website. James River was founded in 1986 as the alternate investment wing of the now defunct securities firm Kidder, Peabody & Co., and became independent in 1995 when Saunders acquired it from Kidder, according to the website.

The seller, Silver, is linked to a debt collection firm in Pennsylvania. Silver’s registered address on the deed matches one for NCB Management Services, a debt collection firm that announced in September a new ownership structure, noting that Silver, NCB’s founder, would retain minority ownership and a position on the board of directors.

The Saunders bought the 7,446-square-foot condo in 2011 for $4.3 million from Daniel Rifkin, records show. The unit was built in 2008 and comes with four bedrooms, five full bathrooms and one-half bathroom. The price breaks down to $577 per square foot.

It’s the first time in a while that the Saunders are involved in a deal under $10 million.

In February, they bought an oceanfront Highland Beach estate for $34.7 million from the estate of the late Mark Hamister, who ran Buffalo-based hotels and assisted-living facilities company Hamister Group. It was a Highland Beach record sale at the time — before it was supplanted by Steve Buchanan’s purchase of a mansion for $40 million.

In December, the Saunders sold an oceanfront Manalapan estate for $89.9 million to James G.B. Demartini III, as a trustee of the 122021 Land Trust.

Other recent sales in nearby Palm Beach include the sale of Ivana Trump’s former mansion for $72.9 million, and auto dealership magnate Terry Taylor’s purchase of a gut-renovated, oceanfront condo for $7.5 million.





    Related Articles

    arrow_forward_ios
    Miami Heat's Pat Riley with Surf Club Four Seasons (Surf Club, Getty)
    Miami Heat’s Pat Riley scores a $23M Surf Club Four Seasons condo sale
    Miami Heat’s Pat Riley scores a $23M Surf Club Four Seasons condo sale
    Conlon & Co's Sean Conlon with 206 Clematis Street (Loopnet, Conlon)
    Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
    Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
    Residential sales fall in Southern Florida
    Residential sales fall in April across South Florida
    Residential sales fall in April across South Florida
    Another auto dealership magnate rolls into Palm Beach to buy a house for $19M
    Another auto dealership magnate rolls into Palm Beach to buy a house for $19M
    Another auto dealership magnate rolls into Palm Beach to buy a house for $19M
    Worth Capital’s Charles “Rusty” Holzer and 13501 South Shore Boulevard in Wellington (Getty, Google Maps)
    Wellington real estate investor pays $16M for shopping center in own backyard
    Wellington real estate investor pays $16M for shopping center in own backyard
    LBCW Investments' Clay Hamlin III with 1100 25th Street and 1426 Skees Road (Loopnet, LBCW)
    Industrial play: Alliance HP trades one West Palm complex for another
    Industrial play: Alliance HP trades one West Palm complex for another
    Rise at Brickell City Centre at 88 SW 7 Street in Miami (Condos.com)
    Closing at Rise tops Miami-Dade’s weekly condo sales
    Closing at Rise tops Miami-Dade’s weekly condo sales
    David Arditi with YotelPad (Yotel) Condos, Miami
    David Arditi completes long-delayed YotelPad tower in downtown Miami
    David Arditi completes long-delayed YotelPad tower in downtown Miami
    arrow_forward_ios

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

    Loading...