A company tied to Randall Smith of the multibillion-dollar “vulture” hedge fund Alden Global Capital sold a new mansion in Palm Beach for $93.3 million.
Property records show 757 Island Dr LLC sold the eight-bedroom house, which was approved by the town’s architectural commission in 2022, the Palm Beach Daily News reported. The 13,000-square-foot home includes about 1,400 square feet of covered outdoor living space.
The 1-acre property at 757 Island Drive is on Everglades Island, which is surrounded by the Intracoastal Waterway. It marks the second priciest home sale for a Palm Beach home on the lake, without ocean frontage, the newspaper reported. A trust managed by attorney Mark Meland purchased the home and financed the deal with a $70 million, 15-year mortgage from Bank of America.
The seller paid $39.5 million for the lot, which has 371 feet of waterfront in 2021. At least one filing affiliated with the seller’s LLC is tied to the Smiths via an Englewood, New Jersey, address for Alden Global Capital.
The house was listed on the website for Serhant, Ryan Serhant’s brokerage firm, but that page no longer displays any details about the property. Gary Pohrer, who joined Serhant last year, was involved in the previous sale of the lot.
It was designed by Daniel Menard of West Palm Beach-based LaBerge & Menard in an art deco style with nautical details.
Alden Global is a subsidiary of Randall Smith’s Smith Management. Alden invests in newspaper businesses and is one of the largest U.S. publishers, owning Tribune Publishing, as well as real estate in Florida and elsewhere.
Last year, another company tied to Alden sold a waterfront home on the Sunset Islands for $25 million. The entity sold the 6,600-square-foot, seven-bedroom house at 2288 Sunset Drive in Miami Beach to a land trust.
— Katherine Kallergis
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