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Hedge funder Donald Sussman sells waterfront Fort Lauderdale lot for $17M
Sussman more than doubled his initial investment
Hedge funder Donald Sussman sold a waterfront lot in Fort Lauderdale for $17 million to a Texas-based aerospace executive in an off-market deal.
The Laguna Property Trust sold the 0.7-acre lot at 2401 Laguna Drive to Arrowhead Hillcountry Investments, a Texas LLC managed by Edward J. Chalupa, records show. Chalupa is the president of Advanced Integration Technology, a Plano, Texas-headquartered aerospace company.
Sussman is founder and chief investment officer of Paloma Partners, a hedge fund based in Greenwich, Connecticut. Paloma operates a number of funds catering mostly to institutional investors. He is also the ex-husband of billionaire Laurie Tisch, the daughter of Loews Corporation co-founder and namesake of NYU’s Tisch School of the Arts. His daughter Emily Tisch Sussman is a prominent political strategist for the Democratic party.
Sussman also sits on the board of directors for the Center for American Progress.
The Paloma boss bought the Fort Lauderdale property for $8 million in 2014, according to property records. It sits on a corner lot in the Harbor Beach neighborhood of Fort Lauderdale.
The property has been listed on-and-off since 2016, with the asking price steadily rising from the initial $9.9 million to the $14 million last listed in March, according to the MLS. A previous listing for the property shows it has 390 feet of water frontage with a newly built dock.
Sussman also owns a 1.4-acre estate he bought from Florida’s fallen foreclosure king David Stern for $27.5 million in 2015. It held the price record for Broward County home sales until this past July, when a Harbor Beach estate set the record at $28.5 million – only to be broken in short succession by a spec estate that sold for $32.5 million in August.
Demand for waterfront property has sent prices soaring in Fort Lauderdale and across South Florida. In July, a California restaurant owner bought a waterfront mansion for $13 million that had last sold for $7.5 million the year prior.