The Palm Beach home of late developer Jerry Schuster and his wife, Elaine Schuster, sold for $42.5 million, a steep discount from its $62.9 million listing price two years ago, sources told The Real Deal.
The trust of the late Elaine Schuster sold the mansion at 101 Jungle Road, the listing shows. Christian Angle of Christian Angle Real Estate had the listing, and Margit Brandt of Premier Estate Properties brought the buyer. The new deed has yet to appear in public record.
Jerry Schuster was the founder and longtime CEO of Boston-based Wingate Companies, a real estate development and investment firm that today owns multifamily properties across the Eastern United States. The Schusters were prominent philanthropists in Boston, donating to Harvard University and the Brigham & Women’s Hospital among other organizations throughout their lives.
They were also longtime friends and boosters of Bill and Hillary Clinton. In 1992, Bill Clinton appointed Elaine Schuster to the board of the John F. Kennedy Center for the Performing Arts, and she served on the National Finance Committees for both John Kerry’s and Hillary Clinton’s presidential campaigns, according to her obituary. Jerry Schuster died in 2018, and Elaine Schuster died in 2022.
The couple bought their Jungle Road mansion for $7.7 million in 2001, according to property records. Built in 1955 on 0.9 acres with 200 feet of oceanfront, the house spans 10,000 square feet, with six bedrooms, seven bathrooms and four half-bathrooms, the listing shows.
The mansion hit the market with Angle for $62.9 million in 2022, according to Realtor.com. The listing had two price reductions before closing this month with a $20.4 million haircut off its original listing price.
September is typically a slower time for Palm Beach’s luxury residential market. Many seasonal residents have yet to return from their summer destinations, and this year agents say anticipation for the presidential election is also putting a damper on deals.
Still, a number of pricey sales closed this summer. The oceanfront estate of the late Barnes & Noble founder Leonard Riggio listed for $96 million in June and went into contract in August. Investor Daren Metropoulos bought the historic oceanfront Casa Amado estate for $148 million in June, making it the second most expensive sale on the island so far this year. Media magnate Herbert Siegel’s widow Jeanne Siegel sold her lakefront mansion for $51.6 million in July.