Florida, Luxury, Real Estate, Wealth

Florida, Luxury

Hedge fund billionaire buys Florida mansion for $111 million, setting state record

The founder of New York-based hedge fund Schonfeld Strategic Advisors closes on the 6-acre estate known as La Reverie.

6.12.2019

A hedge fund billionaire bought the most expensive home ever sold in Florida for $111 million. It includes more than 70,000 square feet of living space, 11 bedrooms, 22 bathrooms, a bowling alley and an ice cream stand.

The founder of New York-based hedge fund Schonfeld Strategic Advisors closes on the 6-acre estate known as La Reverie.

Power Lunch Hedge fund billionaire Steven Schonfeld and his wife bought a sprawling Palm Beach estate for $111 million, making it the most expensive home ever sold in Florida. Schonfeld, founder of New York-based Schonfeld Strategic Advisors, closed Tuesday on the 6-acre estate known as La Reverie, according to a spokesman. The estate, sold by hair-care mogul Sydell Miller, has more than 70,000 square feet of living space, with 11 bedrooms, 22 bathrooms, a bowling alley, salon, spa, ice cream stand and candy parlor. It had been listed for $200 million. La Reverie, the six-acre estate on Palm Beach stretches over 70,000 square feet. Handout The sale beats a Florida record set this summer, when an estate owned by the late Broadway producer Terry Allen Kramer sold to an unknown buyer for $110.3 million. Schonfeld, his wife and three kids will use the home as a vacation property and don't plan to move from New York, according to a spokesman. The family also has a $90 million estate in Old Westbury, New York, as well as an apartment on Manhattan's Park Avenue and a penthouse in Palm Beach's Bellaria luxury condo building. La Reverie will instantly give the Schonfelds a top trophy property in one of the richest enclaves in the country. Built in 2001, the French-style megahome is located on an exclusive stretch of Palm Beach called Billionaire's Row, which starts at Donald Trump's Mar-a-Lago Club and includes the estates of other titans of finance, including Ken Griffin, Paul Tudor Jones and Steve Shwarzman. VIDEO 1:44 01:44 Here's how New York and Florida SALT taxes compare and what that means for top earners in each state Squawk Box La Reverie stretches from the ocean to the Intracoastal Waterway, with 350 feet of beachfront and 233 feet on the waterway. Even with the $111 million price tag, the Schonfelds are still planning to do some work on the home. It will be designed and decorated by Michelle Gerson Interiors and Schonfeld's wife, Brooke. La Reverie, the six-acre estate on Palm Beach stretches over 70,000 square feet. Handout The deal went into contract this past summer, but closed Tuesday, according to the spokesman. The sale is the latest sign of a strong real estate market in southern Florida, as a growing number of retirees from the Northeast flock to the Sunshine State. The new tax law, which caps state and local tax deductions, has also led to reports of a growing number of wealthy taxpayers from New York, New Jersey and Connecticut moving to Florida to lower their tax bills. Average sale prices for single-family homes in Miami set a record in the third quarter of $330,000. Prices for luxury homes in Fort Lauderdale, Palm Beach and Boca Raton were all up more than 20% in the quarter. Florida real estate brokers said the start to the prime winter-selling season has been one of the strongest in years. "The activity is tremendous," said Jay Phillip Parker, chief executive of Douglas Elliman's Florida brokerage business. "Our sales galleries are full, our agents are being pulled in multiple directions, and we're seeing a lot of real closings." La Reverie, the six-acre estate on Palm Beach stretches over 70,000 square feet. Handout Read more: CNBC

Funny how theres so many hedge fund “billionaires” yet Buffett showed most on average dont do better than an index fund. Why don’t we call them what they really are “market manipulators” Why is gross excess news? Didn't Bezos just buy a 165 million dollar home? Any editors or fact checkers on staff there? Maybe this is why your ratings are in the toilet?

I will laugh when a hurricane brings it down 😂😂😂😂 The ice cream stand was a good choice. Money gets you your imagination Why? Who needs 22 bathrooms in their home? Paging Bernie Sanders...... His call. Eat it whiners ✅ The vanity of the human soul In Florida, he'll probably pay $25,000 in property tax! In Illinois, it would cost $12 million!

Hedge Fund Billionaire Steve Cohen Negotiating To Buy New York MetsUnder the deal being negotiated, Fred and Jeff Wilpon would retain control of the baseball team for five years.

Why the constant infatuation with the super wealthy? Never any ideas on how to pull those struggling up with “capitalism,” just a stream of drool while you sweat a bunch of Fed created billionaires. Those people are supposed to be smart with their money. If anyone tries to sell me 11 bedrooms, I'll flip them the finger. It seems the hedge fund manager hasn't worked much for that money.

How many BTUs to keep that cool and warm ? Awesome siddarthpaim Bathroom is more than ( double ) bedroom 😀😀😀😀 all that cleaning He should probably help house some homeless folk seeing how he can afford it. Thats Me. And they wonder why we want to guillotine them in public parks Good thing,he will only sleep on ome room alone.

Hedge fund billionaire Steve Cohen is buying the MetsThe New York Mets have agreed to be sold to hedge fund billionaire Steve Cohen, in a deal that will take five years to complete, the team announced Wednesday evening. Ok. Now they can tell him all about Bobby Bonilla Day. TuckerCarlson davidgura Someone's not worried about that wealth tax.

Stupid investment $11,000,000 was for the ice cream stand and you wonder why the pitchforks are out AktienTrader1 BrynneKKelly we need a good painter LOL 70.000 sq ft Okay, os he having a party or something? i actually don't have a problem with the jeff bezos' & bill gates' of the world. but with 'hedge fond billionaires' i have a problem. they belong to the ridiculous & unproductive part of the economy ('financial markets'), not the productive one.

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Hedge fund manager Kyle Bass supports bill to curb World Bank lending to ChinaHedge fund manager Kyle Bass told CNBC that he supports an effort by a U.S. lawmaker to end China's candidacy for select World Bank loans. ...according to this, China contributes 3% of the World Bank's annual funding. GusFuentes_ 'Kyle Bass...'

This is why we can't have nice things No income disparity here federalreserve. Let me suggest that you cut more. Take her down to negative 2 like you want to. Your policy hurts savers and rewards spenders/borrowers for short term pleasure and your own enrichment. Root of problem wages. Taxes won't fix that its the 21st century and govt has obligation to insure fair proportional pay to workers whether white ir blue collar. Welath gap has widened rent up 60% wages up 5% over 30 years while most have degrees today. Index ages to profits

Is it really a hedge fund? Should be investigated. 🤮 It is amazing that Twitter cannot give you updated stories in news feeling this strip or new Feed with ads the stories are running time line 22 hours So what no news has happened then 22 hours Sweet house mate. Courtesy of the American middle class. By all means have one on us, cocksucker.

This is why Russia elected Trump.

An election win for Sanders, Warren, or Buttigieg could tank the stock market by 50%, hedge-fund boss says | Markets InsiderThe stock market could plunge by 30% to 50% if Bernie Sanders, Elizabeth Warren, or Pete Buttigieg are elected president next year, Virtus Capit... Repeating trumps talking points and creating a false flag is unconscionable Alternative headline “Really rich people will pull all their assets and hide them so their government can’t take what they SHOULD RIGHTFULLY GIVE IN THE FUCKING FIRST PLACE creating an economic recession” Ok boomer headline for you. Of course he did 😂😂😂

Here's the truth: the billionaire class is fine with corporate socialism when it means they get billions in tax breaks and bailouts. NotMeUs Who is stupid enough to spend that kind of money on a house? Probably a Leftist whining about Global Warming and lecturing everyone else on how we should live our lives 👉Dem Party and their Hollywood,Tech Oligarch, Bankers,CEOS of every Corp shills.

That’s 🤔 0.277500% of Mini Mike Bloomberg’s net wealth Ouch; jealous Maybe 110 million, got ripped off at 111 million What's stopping all the haters from getting all the licenses one needs to work in the Hedge fund world? LOL IQ, tenacity, the ability to find out how to be in the industry...o and all the hate.

Was it TomSteyer ? 🤔 People are so jealous and if given the opportunity would buy a house just as expensive Why? I wonder what kind of returns he got his clients.

Hedge Fund Billionaire Steve Cohen Negotiating To Buy New York MetsUnder the deal being negotiated, Fred and Jeff Wilpon would retain control of the baseball team for five years.

Scumbag Money won’t launder all by itself. It’s a palace Eat the rich. Meanwhile, people who actually work for a living are food and housing insecure. There is absolutely no good reason to have a home that big unless you're the Duggers. Nice place Homeboy… That's a big expense on his tax sheet Rather a medium-sized but efficient beach house

Hedge fund billionaire Steve Cohen is buying the MetsThe New York Mets have agreed to be sold to hedge fund billionaire Steve Cohen, in a deal that will take five years to complete, the team announced Wednesday evening. Ok. Now they can tell him all about Bobby Bonilla Day. TuckerCarlson davidgura Someone's not worried about that wealth tax.

You can shield the full value of the house from creditors in Florida..... God bless those who can have so much! Invite the homeless for a overnight stay.. Absolute disgrace and decadent...70,000 people about to lose assistance to get food and this is what billionaires spend their money on...well it is his money

These millionaires must be ignorant to the climate crisis buying a house that close to the sea! Will be under water in 45 minutes. I just don’t understand the need for these oversized mansions. What do you do with all that space? Even 4000 sq ft is more than I need. How many schools we could have repaired, teachers and first responders we could have given better wages too. This is over the top excessive gluttony and greed! What a slap in the face to low and middle wage workers..

Nice house He could have settled for a crappy $100 million place and give $11 million to charity! Eat the rich. EatTheRich Here’s to rising seas!

Commission free trading!😂 Their $ but overpaid. Don't thinks so. See last housing crisis Florida stats. Disgusting Trump2020 ...while Bill Gates leases in nearby Wellington 😁 SHO_Billions Axe and his F U money? nowords 2 bathrooms per bedroom What is the point of this? STOP Bob Lutz on CNBC He is an old useless fool

What an idiot!🙄

aa_sall Yay! More stories about rich people. Tell me again that we don’t live in an oligarchy... Yet Detroit still has poisoned water & the rich don’t pay their fair share of taxes realDonaldTrump JoeBiden BernieSanders ewarren PeteButtigieg CoryBooker Waste of money! Where are the customers yachts?

No house is worth that price Does he need a roommate. I'm clean, quiet, and don't take up much space - well...except for my vast shoe collection. 🤣👠👡👟 Eat the rich. 🔥 WHAT THE BELIEVER RACES TOWARDS IS WHAT THE KAFIR FLEES FROM? DEATH!!👇 Solًeimani WًWIII Irٍan Trًump ' 📽A SOLDIER OF ALLAH DESTROYING THE ENEM'S WILL TO FIGHT🏴 Solًeimani WًWIII Irٍan Trًump '

THE BELIEVERS ALLY IS ALLAH☝️ Solًeimani WًWIII Irٍan Trًump ' He needs da taxx I think for that much money, he'd have ocean front property and not another house in front of him. Afraid this fortress will get knocked down in a hurricane🤣 Anyone else get queasy over stories such as this? Billionaires should not exist .

That’s why people hate him I guess all that money can't buy you a healthy bladder... 22 bathrooms...there's gotta be a good toilet joke in there someplace. Who gave the builder the permit to build something this big? Thats the big issue So?! He probably made a lot people a lot of money !!!! If you are jealous, then work harder !!

Now donate it and turn it into a homeless shelter! Hasn't he watched Billions? Give that guy a tax cut so it will trickle down. Should we guess - the buyer’s Russian or a Saudi 🤬 MoneyLaundering FAKE NEWS LIKES HEDGE FUND CLOWNS IMO LOL. Is he related to Tom Steyer? Probably another who thinks he can buy anything he wants failing to understand that President Trump gave up his wealth to Make America Great Again and put Financial Needs into his rear view mirror.

Its ass ugly It' called 'money laundering' 22 bathrooms? That's a lot of flushing toilets. King Orange Pooty Tang will not be happy with this arrangement. Nice multi million dollar home Obama just bought!

Have a feeling ElizabethWarren has another tax up her sleeve for individuals with more than one estate!! Who cares? I hope he feels important enough now ! think of the needy he could have helped with that money. I'll bet he doesn't pay taxes ! This home could literally feed an entire nation. An ice cream stand?

Got rich with other peoples money. Only ONE bowling alley and no ice rink? Eat the rich.

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