A principal of a Boston-based hedge fund sold his oceanfront Gulf Stream estate for $29 million.
Records show Michael and Dena Rashes sold the compound at 2817 North Ocean Boulevard to Brian O’Neill. Pascal Ligouri and Antonio Ligouri of Premier Estate Properties represented the sellers, and Geoff Braboy of Lang Realty brought the buyer.
Michael Rashes is a principal at Bracebridge Capital, the hedge fund that manages Yale University’s endowment, the Yale Daily News reported.
The Rashes bought the 1.26-acre estate in 2019 for $10.5 million, records show. The compound includes the main house, a gate house, a garage with a studio apartment, a gym, and a pool cabana, according to the listing.
Records show the 7,016-square-foot main house has five bedrooms and six bathrooms. According to the listing, the property has a total of eight bedrooms and 12 bathrooms. Built in 1926, it was designed by the early 20th-century Palm Beach architect Howard Majors.
The property was listed for $35 million in February, according to Redfin. It sold for $6 million less than the asking price.
Demand for Gulf Stream homes, especially on the oceanfront, boomed during the pandemic, resulting in dramatic price increases. The town itself is small, and limited inventory added fuel to price hikes.
This month, a former Olympian sold his historic Marion Sims Wyeth-designed estate for $16.5 million, a record for non-oceanfront properties in Gulf Stream. A private equity firm founder flipped an oceanfront estate for an 85 percent markup in June, selling the property for $27.5 million. Top executives at Elliott Management flipped an oceanfront compound for $26.7 million in March, generating a $10.8 million return in 10 months.
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