South American investors sell, buy $46M of Wellington equestrian estates 

A South American family’s investment group sold and bought a trio of equestrian estates in Wellington totaling $46 million, in a bid to be near a proposed development in the horse town.

Maharshi Properties LLC, a Delaware entity, sold its equestrian estate at 15255 and 15101 Estancia Lane for $19.5 million to another Delaware LLC named for the address, according to property records. Maharshi Properties bought another equestrian estate from developer Mark Bellissimo’s ex-wife Katherine Kaneb for $21.9 million, and sold her a house in the Palm Beach Polo & Country Club for $5 million, records show. Combined, the three deals equate to $46.4 million in sales. 

Rodolfo Maya, an agent with Illustrated Properties, represented Maharshi Properties in all three deals, and Maria Mendelsohn of Douglas Elliman represented Kaneb and the Estancia Lane buyer. Mendelsohn declined to comment on the deals. 

Maharshi Properties is a South American family’s investment group, Maya confirmed. Family members have ties to the equestrian world, but do not use the Wellington properties for their own pursuits of the sport, he said. 

The property swap was all part Maharshi’s play to be better positioned for Wellington’s future, a bet on the approval and construction of a massive proposed development by Bellissimo, Maya said. 

Kaneb won the equestrian estate at 13893 Gracida Street in her divorce from Bellissimo in 2019. The 20-acre property is a rarity for its size and proximity to the Palm Beach International Equestrian Center, and will be even closer to Bellissimo’s proposed expansion of the festival grounds, according to Maya. Maharshi’s investors anticipate the rental value for the Gracida estate to surge, with riders preferring to be near the new facility, he said. 

Bellissimo’s project, called the Wellington, is slated for a vote next Wednesday. 

Maharshi’s investors will rent the estate for $1 million for the six-month equestrian season, Maya said. 

In addition to buying Kaneb’s estate, Maharshi’s investors also sold her the 0.8-acre home at 2860 Long Meadow Drive, records show. Built in 1991 and recently remodeled, the 7,300-square-foot house has five bedrooms, seven bathrooms and a pool, the listing shows. 

Records show Michelle Navarro bought the house for $1.3 million in 2011, and transferred it to Ganga LLC, a Florida corporation, in December. Ganga transferred the home to Maharshi via a quit claim deed last month, according to property records. 

Maharshi bought the 20-acre Estancia Lane estate for $4.3 million in 2009, records show. Built in 1991, the property includes a 4,700-square-foot house with six bedrooms, five bathrooms, one half-bathroom and a pool, according to the listing. It is advertised as a development opportunity for a “luxurious equestrian facility.” 

Attorney Robert Sorgini signed the deed on behalf of the buyer. The true buyer is unknown.The deals come on the heels of two other high-profile equestrian estate sales in Wellington. In June, Canada’s richest family, heirs of the Thomson Reuters fortune, sold an adjacent pair of estates for $20.4 million. In May, BET co-founder Sheila Johnson sold her longtime equestrian estate for $21.7 million.