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Residential
South Florida

Former insurance titan sells waterfront Admirals Cove home in Jupiter

Buyers are currently based in Orange County, Calif.

U.S Healthcare's Leonard Abramson with 406 Mariner Drive
U.S Healthcare's Leonard Abramson with 406 Mariner Drive (Google Maps, Getty)

Leonard Abramson, the founder of insurer U.S. Healthcare, sold his waterfront home in Jupiter’s Admirals Cove community for $7 million.

Records show Abramson sold the house at 406 Mariner Drive to Owen and Nicole McCullough. The couple secured a $5 million mortgage from Georgia-based Perpetual Financial Group, according to records.

Owen McCullough is president of the Costa Mesa, Calif.-based insurance company Integrity Admin Group. The McCulloughs are currently based in Orange County, Calif., according to LinkedIn.

Ellen Meyerson, Allan Meyerson, and Tom Frankel of Admiral’s Cove Realty had the listing. Ann Cusa of Douglas Elliman brought the buyers.

Abramson bought the home for $6.5 million in December 2020, records show.

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The 7,509-square-foot house, built in 1991, sits on 0.5 acres. According to the listing, the five-bedroom, seven-bathroom home was completely redone in 2006. The property includes a two-story guest house, a theater room, pool, 90 feet of waterfront and a dock that can accommodate a yacht up to 60 feet.

Admirals Cove properties also require purchasing a membership to the Admirals Cove Golf Club, according to the listing.

Abramson, a longtime Jupiter resident, founded U.S. Healthcare in 1982 and headed the Blue Bell, Penn.-based company until he sold it to Aetna in 1996 for $8.9 billion, the AP reported. Abramson made $900 million in the sale, according to the outlet.

Abramson and his wife Madlyn Abramson donated $100 million to the University of Pennsylvania the following year to establish the Abramson Cancer Center. Madlyn Abramson was the honorary chair of the center’s leadership council until her death in April 2020.

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Jupiter sales have picked up in recent months, with buyers flocking to the waterfront and exclusive golf-centric communities there. This month, a local developer sold a waterfront property for $10.3 million to a relocating hedge funder, amid a wave of financiers moving to “Wall Street South.” Babe Rizzuto, an heir to the Conair fortune, dropped $35 million on an oceanfront estate on Jupiter Island, also this month. And Mayo Shattuck, the retired head of Chicago-based utility giant Exelon, sold his mansion in Jack Nicklaus’ Bear’s Club for $15 million.

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Admirals CoveHome SalesJupiterWaterfront Properties