EB-5 chief Nick Mastroianni II bought a waterfront mansion in Jupiter for $7.3 million.
Workers’ rights attorney Jerry Neil Paul and his wife, Elizabeth Ann Paul, sold their seven-bedroom, 11-bathroom home to Mastroianni’s family trust, according to property records. Paul is a founding partner of Paul & Hanley, now called The Paul Law Firm, which specializes in mesothelioma and asbestos claims.
Jerry Neil Paul (The Paul Law Firm)
The 8,891-square-foot Jupiter estate, at 19681 Loxahatchee River Road, sits on a 1.7-acre riverfront property with a pool, two outdoor kitchens, a dock and boat lift, according to the listing. Rob Thomson of Waterfront Properties & Club Communities represented the buyer and seller.
The property has 180 feet of river views, a six-car garage, caretakers quarters and a guest house. It was built in 1998 and last sold for $5.3 million in 2014, records show.
In May, Eric and Lara Trump paid $3.2 million for a home in the Trump National Golf Club community in Jupiter. Nearby, in late March, Donald Trump Jr. and his girlfriend Kimberly Guilfoyle paid nearly $10 million for a waterfront mansion in Jupiter’s Admirals Cove community.
Mastroianni is founder and chairman of the U.S. Immigration Fund, which calls itself one of the largest EB-5 regional centers in the country. It has been involved in more than 20 projects with over $3 billion of EB-5 capital. The fund has been the subject of lawsuits from investors, though USIF has denied allegations of wrongdoing.
In Jupiter, Mastroianni’s Allied Capital and Development of South Florida developed Harbourside Place, a $170 million retail, restaurant and hotel project that was completed in December 2014. Mastroianni raised $99.5 million from 199 EB-5 investors, some of whom sued over alleged fraud.
Earlier this year, USIF affiliates sued to stop a foreclosure sale that would wipe away a $60 million EB-5 investment in a failed Manhattan tower project that HFZ Capital was to develop with a church.
Mastroianni also owns a home in Palm Beach Gardens, property records show. A trust in his name paid $787,500 for the non-waterfront house in 2013.