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.