WorldQuant Asset Management founder Igor Tulchinsky flew from New York to spend the day in Palm Beach and bought a nearly $40 million Oceanfront Estate in the process.
“We flew down for a few hours, saw it, picked it,” said Ryan Serhant of Serhant, who represented the hedge fund manager in his purchase of 12088 Banyan Road in the Seminole Landing Community in North Palm Beach, Florida. Ohio Real Estate scion and casino developer Jeffrey Jacobs sold the 18,852-square-foot, nine-bedroom mansion, according to property records. The nearly 3-acre estate has a safe room, which doubles as a hidden art gallery and movie theater; a telescope on the roof; a pool and 190 feet of ocean frontage. The Wall Street Journal first reported the $39.5 million sale. Tulchinsky, Chairman and CEO of Greenwich, Connecticut-based WorldQuant, also plans to open offices throughout Florida, Serhant said.
Elizabeth Zahra and Gary Pohrer of Douglas Elliman had the listing for the North Palm Beach mansion.
Jacobs, Chairman and CEO of Jacobs Entertainment, a developer of gambling and entertainment properties, bought the property in 2001, and knocked down two smaller homes to build his mansion. He completed it in 2008, records show. Jacobs’ family owned the Cleveland Indians from 1986 until the early 2000s. They also previously owned the Pier House Resort & Spa in Key West.
In April, Tulchinsky paid $33 million for a unit at 220 Central Park South in Manhattan.
Tulchinsky’s neighbors also include former Hedge Fund manager Stanley Freeman Druckenmiller, who lives just south of the property Tulchinsky acquired.
Luxury Single Family Homes in South Florida are in high demand and their sales have shattered records–not only the number of sales, but record high purchase prices as well. There’s very limited inventory of Single Family Oceanfront Homes in South Florida.
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