Billionaire Harvey Jones flips lakefront Palm Beach lot for $50M

He bought a nearby waterfront estate for $74.3M in March

Billionaire Harvey Jones Flips Lakefront Palm Beach Lot for $50M
Harvey Jones with 940 North Lake Way (LinkedIn, Giles Bradford, Getty)

Billionaire and longtime Nvidia board member Harvey Jones flipped a lakefront lot in Palm Beach for $50 million –– exactly what he paid for it last year. 

Records show Jones sold the 0.8-acre property at 940 North Lake Way to a Delaware entity named for the address. The true buyer is unknown.

Todd Peter and Frances Peter of Sotheby’s International Realty had the listing, and Christian Angle of Christian Angle Real Estate brought the buyer. 

Jones is managing partner of West Palm Beach-based Square Wave Ventures, which he founded in 2004. He was an early tech mogul, co-founding Daisy Systems in 1981, leading semiconductor maker Synopsys as CEO and chairman from 1987 to 1998, and co-founding processing core producer Tensilica in 1997. He has been on the board of directors for Santa Clara, California-based Nvidia since its founding in 1993, according to the company’s website. He has a net worth of $1.1 billion, largely thanks to his role with the chipmaker, according to Forbes. Nvidia stock value has surged more than 200 percent in the last 12 months, following an AI-fueled demand boom for its specialized computer chips. 

He bought the North Lake Way property, which spans 128 feet of waterfront, for $50 million in July and tore down the existing house.

Sign Up for the undefined Newsletter

Luxury buyers across South Florida have been hesitant to take on construction projects during the post-pandemic boom, with many preferring turnkey homes, agents say. Jones listed the lot for $59 million in November, and dropped the asking price to $55 million in February, Redfin shows. 

He closed on a new pad in March for $74.3 million. Jones bought the 10,500-square-foot lakefront mansion at 740 Hi Mount Road in Palm Beach from farming equipment heiress Candida Burnap

His recent trades mark two of Palm Beach’s trophy deals in a season that agents have said started late and built momentum. Trophy properties are those priced at $50 million or more.

“The last two months the market has been very active, very strong,” Todd Peter said.

Recent Palm Beach activity includes spec developer Todd Glaser’s $152 million sale of Tarpon Island, a 2.3-acre private island estate and Palm Beach’s priciest home of the season. Also this month, Nashville financier Dennis Bottorff sold his island home for $36.9 million after four days on the market. Earlier this month, ex-sporting goods mogul David Gochman sold his house for $51.3 million.