Palm Beach Estate Tied to Private Equity Boss Sells for $66M
- Private Equity
- December 29, 2022
- No Comment
One of the biggest South Florida residential sales of the year closed just under the wire.
In an off-market deal, an entity tied to private equity giant Apollo Global Management sold an oceanfront Palm Beach estate for $66 million — nearly twice what it traded for 18 months ago.
Sunshine Home 5 LLC, a Delaware entity, sold the mansion at 6 Via Los Incas to another Delaware corporation, TT 47th LLC, records show.
Mortgage documents and a construction contract link the selling entity to Frank Marra, managing director of finance at Apollo. Marra signed for a $33.6 million loan on the property from Bank of America in September, according to public records.
New York-based Apollo, which had $523 billion in assets under management as of Sept. 30, was one of many financial firms that expanded in South Florida last year, opening offices in Brickell and West Palm Beach.
The 0.6-acre Via Los Incas estate sold for $35.4 million in June of last year, property records show, meaning the seller gained $30.6 million on this week’s sale. Built in 1981, the 8,500-square-foot mansion on the property has five bedrooms, eight bathrooms, and two half-bathrooms. An expired listing details a 45-foot-long pool, cabana, library, nursery, exercise room, and two bedrooms for staff housing. The property also has 125 feet of waterfront on the Atlantic Ocean.
Homes that trade in the trophy property tier above $50 million are not uncommon in Palm Beach, but they tend to change hands less frequently than other luxury real estate on the island.
Tech-focused private equity chief Rob Heyvaert recently sold a non-waterfront trophy estate for $51 million, setting a new record for dry properties in Palm Beach.
Billionaire Citadel CEO Ken Griffin is a noted consumer of Palm Beach’s trophy properties. The hedge funder has spent at least $350 million on Palm Beach assemblage spanning a known 17.7 acres.