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At Palm Beach season’s end, billionaire Hearst family sells mansion for $25M
Family trusts bought 8,900 sf house for $17M in 2021
As the season comes to a close in Palm Beach, the billionaire Hearst family sold a mansion on the island off-market for $25 million.
Records show the Venice Family Trust and Bellobella Family Trust, managed by attorney James D. Hanegan, sold the home at 250 Palmo Way to Robert S. Crespi.
Crespi is a hedge funder and head of Maplelane Capital in New York City. Maplelane was one of the hedge funds hit by steep losses during the Meme Stock run in 2021, Bloomberg reported.
Property records link the selling entities to Lisa Hearst Hagerman, the great-granddaughter of William Randloph Hearst and one of the trustees of the Hearst Family Trust, which owns the media powerhouse the Hearst Corporation. She is the daughter of Patricia T. Ruggieri and John Randolph Hearst Jr. Her husband is George Hagerman, who founded the software firm Cachematrix in 2003 and sold it to BlackRock for an undisclosed amount in 2017, according to published reports.
The Hearst family fortune amounts to $22.4 billion, and they remain one of the country’s wealthiest families, according to Forbes.
Hearst Hagerman’s Bellobella Trust has been active in other deals in Palm Beach. In 2021, the trust sold the house at 231 Nightingale Trail for $12.4 million, and the house at 245 Ridgeview Drive for $7.7 million, records show.
The trusts bought the Palmo Way mansion for $17 million that same year, according to property records. Built in 2017 on 0.6 acres, the property includes an 8,900-square-foot house with seven bathrooms, eight bathrooms and two half-bathrooms; a one-bedroom, two-bathroom guest house and a pool, records and a previous listing show.
The off-market sale marks one of the last major deals of the Palm Beach season. After what agents called a slow start, the island’s luxury market reached a crescendo in the waning weeks of spring.
Todd Glaser and his partners sold Tarpon Island for $152 million, making it the priciest sale of the year so far and one of the most expensive homes ever sold in Florida. Nvidia billionaire Harvey Jones sold a lakefront lot for $50 million, and financier Dennis Bottorff sold his island home for $36.9 million within four days of listing it this month.